Crypto Terms: Letter G

What is Geotagged NFT?

Geotagged NFT MEANING:
Geotagged NFT - 3D version of street art with corresponding coordinated to the physical location of said street art.
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Let's find out Geotagged NFT meaning, definition in crypto, what is Geotagged NFT, and all other detailed facts.

A geotagged non-fungible token (NFT) is a type of NFT that includes the geographic coordinates of a specific street art along with its 3D rendering.

Geotagging involves extracting precise metadata about the global positioning of the art. This includes the exact coordinates and an accurate digital rendering or other related digital media, like websites or videos.

Non-fungible tokens, or NFTs, are digital assets that possess unique value. They do not possess a tangible, physical form and can be traded like other crypto tokens. NFTs follow the Ethereum ERC-721 standard. Each NFT comes with a certificate of authenticity or a digital token that verifies the ownership of the asset.

While some NFTs are digital collectibles with no real-life equivalent, geotagged NFTs provide a unique spin. Each geotagged NFT has an equivalent piece of street art somewhere in the world.

The coordinates of the location are included in the NFT along with the digital representation. This provides the owner of the NFT with ownership over the actual artwork. The owner of the NFT can then choose to resell the physical art piece and transfer the ownership of the street art itself.

Geotagged NFTs are considered non-invasive and provide artists with the opportunity to put their works for sale without having to physically relocate them. Collectors are able to own street art from anywhere in the world since the technology that NFTs are built on is decentralized.

The original art remains completely intact after the purchase while the digital reproduction allows street artists to monetize their works efficiently.

Each geotagged NFT is unique and contains different geospatial metadata, like coordinates and altitude. If someone were to sell an NFT of artwork on the East Side Gallery in Berlin, Germany, the coordinates would be 52.5050° N, 13.4397° E.

Geotagged NFTs provide a niche opportunity for crypto enthusiasts and collectors to bring real-world data into digital technologies. This connects the digital and real-life art worlds and creates a new meaning of ownership for both the artists and the NFT owners.

While the owner inherits the right to keep or sell the NFT as they wish, the artists are eligible to receive royalties each time the NFT is resold to a new owner.