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Glossary

Geotagged NFT

November 21, 2023 - Around 4 mins mins to read

Geotagged NFTs, or geographically-tagged non-fungible tokens, have become a fascinating phenomenon in the world of digital art. These tokens offer a unique way for artists and collectors to showcase and own street art from various locations around the globe. By associating NFTs with specific geographic coordinates, users can easily locate the original site of the artwork, creating a bridge between the physical and digital worlds.

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. In the case of geotagged NFTs, this means pinpointing the exact location of a physical piece of street art.

Non-fungible tokens (NFTs) are digital assets that can be bought and sold, representing ownership of a unique item on the blockchain. NFTs have gained significant popularity in recent years, particularly for digital collectibles. However, geotagged NFTs have opened up new possibilities for art collectors.

With geotagged NFTs, each token includes a virtual 3D representation of the artwork, allowing collectors to experience and own a digital replica of the actual street art. This 3D figure is geotagged, meaning it is linked to the specific geographic coordinates of the corresponding artwork’s location. Thus, owning the NFT also means having the ability to resell the physical street art.

Geotagged NFTs offer a non-invasive way for artists to sell their work without physically detaching it from its original location. This provides artists with a convenient and tech-centric method to monetize their art, while also allowing users to own street art from anywhere in the world. Collectors can explore and support their favorite artists, regardless of geographical limitations.

What are the Unique Features of Geotagged NFTs?

Geotagged NFTs provide a unique fusion of ownership and preservation of the original artwork. By creating a digital replica of the physical piece, artists can monetize their work, while art enthusiasts can own and appreciate 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 example, 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. This adds a layer of authenticity and specificity to the NFT, as it directly corresponds to a real-world location.

Geotagging NFTs cater to the growing trend among crypto users who are interested in combining real-world data with digital assets. It effectively 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, providing a continuous revenue stream.

By leveraging blockchain technology, geotagged NFTs introduce a level of transparency and authenticity to the art market. Each transaction related to the NFT, whether it be ownership transfer or royalty distribution, is recorded on the blockchain, ensuring a reliable and immutable record of ownership and transaction history.

Furthermore, geotagged NFTs have the potential to revolutionize the way street art is experienced and shared. With the virtual 3D representations of the artwork, individuals can explore the piece in intricate detail from the comfort of their own homes. Additionally, these NFTs have the potential to become valuable cultural artifacts, as they preserve the history and story behind each artwork.

Geotagged NFTs are not limited to street art. They can be applied to various forms of art and even physical landmarks, creating a new way to appreciate and own significant cultural and historical pieces. Museums and cultural institutions can leverage geotagged NFTs to digitize and share their collections with a global audience, while maintaining a connection to the original physical artifacts.

Who is the author of KIWIE?

KIWIE, a Latvian art collective led by the artist Kiwie, is known for its pioneering work in the street art scene. 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.

Participating in numerous graffiti and street art festivals worldwide, as well as group shows and solo exhibitions, KIWIE has established itself as a prominent figure in the art world. The collective’s passion for innovation and merging technology with traditional art forms has led to the exploration and adoption of geotagged NFTs.

Connect with KIWIE on Twitter to stay updated on their latest projects and endeavors in the world of geotagged NFTs and street art.

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Coincu

Glossary

Geotagged NFT

Geotagged NFTs, or geographically-tagged non-fungible tokens, have become a fascinating phenomenon in the world of digital art. These tokens offer a unique way for artists and collectors to showcase and own street art from various locations around the globe. By associating NFTs with specific geographic coordinates, users can easily locate the original site of the artwork, creating a bridge between the physical and digital worlds.

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. In the case of geotagged NFTs, this means pinpointing the exact location of a physical piece of street art.

Non-fungible tokens (NFTs) are digital assets that can be bought and sold, representing ownership of a unique item on the blockchain. NFTs have gained significant popularity in recent years, particularly for digital collectibles. However, geotagged NFTs have opened up new possibilities for art collectors.

With geotagged NFTs, each token includes a virtual 3D representation of the artwork, allowing collectors to experience and own a digital replica of the actual street art. This 3D figure is geotagged, meaning it is linked to the specific geographic coordinates of the corresponding artwork’s location. Thus, owning the NFT also means having the ability to resell the physical street art.

Geotagged NFTs offer a non-invasive way for artists to sell their work without physically detaching it from its original location. This provides artists with a convenient and tech-centric method to monetize their art, while also allowing users to own street art from anywhere in the world. Collectors can explore and support their favorite artists, regardless of geographical limitations.

What are the Unique Features of Geotagged NFTs?

Geotagged NFTs provide a unique fusion of ownership and preservation of the original artwork. By creating a digital replica of the physical piece, artists can monetize their work, while art enthusiasts can own and appreciate 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 example, 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. This adds a layer of authenticity and specificity to the NFT, as it directly corresponds to a real-world location.

Geotagging NFTs cater to the growing trend among crypto users who are interested in combining real-world data with digital assets. It effectively 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, providing a continuous revenue stream.

By leveraging blockchain technology, geotagged NFTs introduce a level of transparency and authenticity to the art market. Each transaction related to the NFT, whether it be ownership transfer or royalty distribution, is recorded on the blockchain, ensuring a reliable and immutable record of ownership and transaction history.

Furthermore, geotagged NFTs have the potential to revolutionize the way street art is experienced and shared. With the virtual 3D representations of the artwork, individuals can explore the piece in intricate detail from the comfort of their own homes. Additionally, these NFTs have the potential to become valuable cultural artifacts, as they preserve the history and story behind each artwork.

Geotagged NFTs are not limited to street art. They can be applied to various forms of art and even physical landmarks, creating a new way to appreciate and own significant cultural and historical pieces. Museums and cultural institutions can leverage geotagged NFTs to digitize and share their collections with a global audience, while maintaining a connection to the original physical artifacts.

Who is the author of KIWIE?

KIWIE, a Latvian art collective led by the artist Kiwie, is known for its pioneering work in the street art scene. 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.

Participating in numerous graffiti and street art festivals worldwide, as well as group shows and solo exhibitions, KIWIE has established itself as a prominent figure in the art world. The collective’s passion for innovation and merging technology with traditional art forms has led to the exploration and adoption of geotagged NFTs.

Connect with KIWIE on Twitter to stay updated on their latest projects and endeavors in the world of geotagged NFTs and street art.

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