Geotagged NFT Definition
A geotagged NFT (Non-Fungible Token) is a variety of digital asset that contains geolocation data within its metadata. This unique trait allows it to associate itself with a specific physical location in the real world.
Geotagged NFT Key Points
- Geotagged NFTs are a subtype of non-fungible tokens, unique digital assets built on blockchain technology.
- These NFTs contain geolocation data as part of their metadata, linking them to a specific real-world location.
- Geotagged NFTs can be used to represent ownership or rights to a physical property, location-based games, and more.
- They provide a bridge between the physical world and the digital blockchain realm.
What is Geotagged NFT?
A geotagged NFT is a non-fungible token embedded with geographical coordinates. This digital asset is unique and cannot be replaced with any other. Being built on blockchain, it benefits from the blockchain characteristics such as transparency, immutability, and security. But more importantly, the geotagged aspect means it holds a digital link to a physical world location.
Who Should Use Geotagged NFTs?
Those who create digital content with a real-world component could significantly benefit from geotagged NFTs. This could include game developers, particularly those who create and develop location-based games. It could also benefit artists who wish to create location-specific digital art.
Where are Geotagged NFTs Used?
Geotagged NFTs are most commonly used in the world of digital art and gaming. However, other innovative uses are arising, such as real estate tokenization, which allows property to be bought and sold on the blockchain.
When Did Geotagged NFTs Evolve?
NFTs came to prominence in 2017, with the rise of BTC and Ethereum, and have seen continued growth since. The concept of geotagging NFTS is relatively new and has seen interest and adoption grow rapidly within the advent of projects like virtual real estate selling and location-based games.
Why are Geotagged NFTs Significant?
Geotagging adds an extra layer of utility to NFTs, connecting them with real-world locations. This opens new possibilities, like virtual real estate, location-based games and art, and potentially many other applications that combine the physical and digital worlds.
How are Geotagged NFTs Created?
Geotagged NFTs are created much like regular NFTs, on a compatible blockchain platform such as Ethereum. However, when creating the token, geolocation data is added to its metadata, linking it to the designated real-world location.
