Gray Market operator Todd Moeller of Slumped Kitchen has pivoted to launching the Lifted Elephant Group (LEG) Non-Fungible Token (NFT).
Slumped Kitchen was one of the companies ordered by the New Jersey Attorney General last summer to cease and desist operating.
“Slumped Kitchen is dead,” Moeller said. “We fought with the State to stay open.”
His lawyers have been talking to the State about the issue for months.
“You want a shot at going legit? Shut down now. They’re going to up the pressure,” he recounted his lawyer saying.
Other gray market operators are continuing to do business.
Moeller is still interested in obtaining a legal New Jersey cannabis license. He was involved in a deal where he would have been a partner on an application. But Moeller didn’t feel comfortable moving forward due to the details.
“I’m kind of kicking myself in the ass. But you know what, the best things come to those who wait,” he said.
Moeller said he reviewing opportunities to obtain a license in New Jersey as well as working with gray market legacy operators in New York State in their nascent market.
Moeller would like both a dispensary and a delivery license.
Lifted Elephant NFTs
Thus, due to legal issues, Moeller decided to pivot to launching the Lifted Elephant Group NFT.
“I wanted the community we built to continue the progress that we started. Six weeks ago, it was only a thought. Now it’s manifested into this,” he said.
LEG is a collection of 14,200 unique Lifted Elephant NFTs created on the Polygon Blockchain, a software platform that companies can use to create NFTs and apps. The Blockchain verification system ensures the owner has exclusive rights to their NFT. Each Lifted Elephant NFT acts as a membership card to the exclusive LEG Cannabis Festival that will be hosted on 4/20 each year.
The LEG NFT could be obtained by one app called MetaMask. The NFTs would then be traded on the app OpenSea.
Each Lifted Elephant NFT will be unique based on hundreds of different traits. LEG NFT holders will gain access to the community to which the company gives cash and prizes every month. Their goal is to build a large community of like-minded individuals who love cannabis and music.
“It’s an ambitious goal. Our marketing team thinks it crazy to launch 14,000,” Moeller said.
He noted some of the bigger NFTs only have issued about 10,000 NFTs. He can stagger their release to maintain their value if demand does not keep up with supply. If they are not close to selling out, it will be capped. Future events can help boost sales of the NFT.
Pre-sales have begun. Those attending the party were able to buy a LEG NFT for $500. In a few weeks, they will go on sale for $1000.
NFTs are becoming a big business. The Bored Apes NFTs started trading at around $30 and are now worth around $300,000 apiece after trading for a couple of years. They are only a couple of years old. NFTs developed out of the cryptocurrency phenomenon.
The NFTs are made digitally via a minting engine on the site they have developed. It executes smart contracts between accounts.
The Lifted Elephants Group raffled a quarter-pound of weed at the well-attended launch party. While no smoking flower was inside, consumption was permitted outside on the patio under a tent.
A diverse crowd attended the party where the March Madness college basketball games were being played on TVs and a DJ spun music. There was no alcohol for sale, just soft drinks and juice. Everyone seemed to enjoy themselves. Many were eager to buy an NFT and support them.