Before defining what a Geo-tagged NFT is, it is paramount first to explain what a non-fungible token (NFT) is.
A non-fungible token, also known as an NFT, is a unique tradable asset minted and stored on a public blockchain as a digital token. They could be unique works of art, music, pictures, and even videos in their respective file formats. An NFT is unique and cannot be replicated, meaning there is on-chain provenance.
By late December 2021, the total NFT trading volumes exceeded $40 billion. This is because NFTs are simple to create. Anyone with little or no coding skills can freely mint. NFTs differ from most fungible coins like Bitcoin due to their non-fungibility. While one fungible coin is the same as the other, one NFT cannot be swapped for another.
NFT fans believe that, although NFTs provide proof of ownership, they have no legal interpretations covering the aspect of copyrights or intellectual property. Because of this, NFT digital files can be copied and shared and can also inspire the creation of identical files.
What is Geo-tagged NFT?
Geo-tagged NFTs add a twist to the growing NFT industry.
In essence, Geo-tagged NFTs combine 3D representations of art street work such as graffiti with geographical data representing its physical location. Geo-tagged NFTs are special in that they are non-invasive since art is laid bare on the street and cannot be stolen. This exciting innovation localizes NFTs on the blockchain by allowing artists to add geo-location data to their assets.
For instance, graffiti in Colombia can be converted into a Geo-tagged NFT where the digital copy will have the identifying metadata in longitude and latitude coordinates of the physical painting on the blockchain, all while the asset is tradable. This means that while such art is physical, its location is protected and can be confirmed on the blockchain.
The idea of geo-tagging NFTs is a genius invention where street artists can benefit from the transparency, security, and convenience of public blockchains like Ethereum, where they can be freely minted.
Who is behind Geo-tagged NFTs?
A street artist named Kiwie from Latvia has been credited as the originator of geo-tagged NFT.
He pioneered geo-tagging his street artworks as NFT, thus the coinage “Geo-tagged NFT” or geo-tagged non-fungible token. His concept leverages the transparency of top public blockchains like the BNB Chain or Ethereum to guarantee provenance.
The Latvian artist’s contribution to NFT has far more disruptive advantages than traditional art. If the physical artwork is defaced, for example, there will be a duplicate and unique digital copy of the same preserved and its file stored in the blockchain.
What are the Advantages of Geo-tagged NFTs?
Geo-tagged NFTs bear numerous advantages compared to traditional art and related trading. For example, since every Geo-tagged NFT is digital, it can be conveniently traded for another or cash without the often huge logistical costs associated with trading physical art pieces. Because of this advantage, geo-tagged NFTs can also be auctioned in international markets in the comfort of the artist’s home.
To conclude, Geo-tagged NFTs make it possible for street artists to express their art while simultaneously displaying the position, that is, where the artworks are currently located.