Geotagged non-fungible tokens (NFT) feature 3D versions of the street art alongside the corresponding geo-location. They allows art aficionados to own both the virtual and physical artwork without the need to remove the actual infrastructure it was originally painted on.
Geotagged NFTs are the latest talk of the town. This concept attaches geographic coordinates to NFTs of several well-known street arts across the globe.
Geotagging is the process of adding precise global positioning metadata, including the exact coordinates (latitude and longitude) to digital goods (images, websites, etc.). It is one of the most common ways to embed location-specific data, allowing anyone to search for the item’s original location in concern easily.
Non-fungible tokens (NFTs) are unique digital assets that can be bought and sold like any other property. However, they don’t have a tangible form. NFTs are part of the Ethereum blockchain and include a digital certificate of authenticity or verifiable digital token representing your asset ownership on that blockchain.
In the beginning, NFTs were limited to digital collectibles. However, with the introduction of geotagged NFTs, art collectors can now own more than just the 3D version of the art. Each NFT comes with a virtual 3D figure that shows an actual spray painting somewhere in the world. The figure contains a geotag that links NFT with their respective artworks. The owner of the NFT, therefore, owns and can resell the physical street art.
Geotagged NFTs are non-invasive. Artists can now sell their work without worrying about detaching the wall it was drawn on. Not only does it allow artists an easy and tech-centric way to monetize their art, but it also enables users to own street art anywhere in the world.
Geotagged NFTs represent ownership while keeping the beauty of the original art intact. By creating a digital replica of the actual art, artists can monetize their work. Likewise, art enthusiasts can own their favorite art pieces without any geographical constraint.
All geotagged NFTs are original, and each will contain unique geospatial metadata (latitude and longitude coordinates, altitude, and more). For instance, if there were supposed to be a geotagged NFT for the Statue of Liberty, the metadata for the actual statue would be 40.6892° N, 74.0445° W.
Geotagging NFTs are designed to cater to a growing trend among crypto users looking to combine more real-world data. It connects the physical and digital aspects of art while redefining ownership, benefitting both the artist and the NFT owner. While the owner has the authority to resell the NFT anytime, the artist is entitled to royalty every time the NFT ownership changes hands.
KIWIE, a Latvian art collective led by the homonymous Kiwie, the artist behind KIWIE 1001, is one of the first street artists in Latvia. KIWIE has participated in many graffiti and street art festivals worldwide, participates in group shows, and organizes solo exhibitions.
With experiences in product, graphic, and fashion design, KIWIE continually pushes the boundaries by combining all these elements, making entire street art, fashion items and accessories with unseen ideas.
Connect with KIWIE on Twitter.
© 2021 COINCU Financial Group Inc. Address: Road Town, Tortola, British Virgin Islands (BVI).
Email us: [email protected]