Understanding Geotagged NFTs
Geotagged NFTs have emerged as a popular trend in the art world, offering a unique way to showcase and own street art from various locations worldwide. These NFTs are associated with specific geographic coordinates, allowing users to easily locate the original site of the artwork.
The process of geotagging involves adding precise global positioning metadata, such as latitude and longitude coordinates, to digital assets like images and websites. This metadata enables the identification of the exact location where the item was created or is located.
Unlike physical assets, non-fungible tokens (NFTs) are digital assets that can be bought and sold. Built on the Ethereum blockchain, NFTs come with a digital certificate of authenticity or a verifiable digital token that represents ownership of the asset on the blockchain.
Initially, NFTs were primarily used for digital collectibles. However, the introduction of geotagged NFTs has expanded the possibilities for art collectors. Each geotagged NFT includes a virtual 3D representation of the artwork, showcasing the actual spray painting situated somewhere in the world. This 3D figure is geotagged, linking it to the corresponding artwork. Consequently, owning the NFT also means owning and having the ability to resell the physical street art.
Geotagged NFTs offer a non-invasive way for artists to sell their work without detaching it from its original location. This not only provides artists with a convenient and tech-centric method to monetize their art but also allows users to own street art from anywhere in the world.
The Unique Features of Geotagged NFTs
Geotagged NFTs combine ownership and the preservation of the original art in a distinctive manner. By creating a digital replica of the actual artwork, artists can monetize their work, while art enthusiasts can own their favorite pieces without any geographical limitations.
Each geotagged NFT is original and contains unique geospatial metadata, including latitude and longitude coordinates, altitude, and more. For instance, if there were a geotagged NFT for the Statue of Liberty, the metadata for the actual statue would be 40.6892° N, 74.0445° W.
Geotagging NFTs cater to the growing trend among crypto users who are interested in combining real-world data. It bridges the gap between physical and digital art, redefines ownership, and benefits 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 whenever the NFT ownership changes hands.
KIWIE, a Latvian art collective led by the artist Kiwie, known for KIWIE 1001, is one of the pioneering street artists in Latvia. KIWIE has participated in numerous graffiti and street art festivals worldwide, as well as group shows and solo exhibitions.
With a background in product, graphic, and fashion design, KIWIE pushes boundaries by combining these elements to create unique street art, fashion items, and accessories with innovative ideas.
Connect with KIWIE on Twitter.