Exploring Geotagged NFTs
Geotagged NFTs have become a popular topic of discussion in recent times.
This innovative concept involves associating geographic coordinates with NFTs, particularly those featuring renowned street art from various locations worldwide.
Embedding Location Data
Geotagging refers to the process of adding precise global positioning metadata, including latitude and longitude coordinates, to digital assets such as images and websites.
It is a common method for embedding location-specific data, enabling easy search and identification of the item’s original location.
Unique Digital Assets Representing Ownership
Non-fungible tokens (NFTs) are unique digital assets that can be bought and sold, representing ownership of a specific item.
While they lack physical form, NFTs exist on the Ethereum blockchain and include a digital certificate of authenticity or a verifiable digital token that signifies asset ownership on the blockchain.
Expanding Possibilities
Initially, NFTs were primarily associated with digital collectibles.
However, with the introduction of geotagged NFTs, art collectors can now own more than just the digital representation of the artwork.
Each geotagged NFT comes with a virtual 3D figure that depicts an actual spray painting located somewhere in the world.
The 3D figure includes a geotag that links the NFT to its corresponding physical artwork.
As a result, the owner of the NFT can own and potentially resell the physical street art.
What Makes Geotagged NFTs Unique?
Geotagged NFTs represent ownership while preserving the essence and beauty of the original artwork.
By creating a digital replica of the actual art piece, artists can monetize their work, and art enthusiasts can own their favorite pieces without being limited by geographical boundaries.
Bridging Physical and Digital Realms
The concept of geotagging NFTs caters to the growing trend among crypto users who seek to integrate real-world data.
It bridges the gap between physical and digital aspects of art, redefining ownership and benefiting both the artist and the NFT owner.
While the owner has the authority to resell the NFT at any time, the artist is entitled to receive royalties each time the ownership of the NFT changes hands.