NFT that includes the geographic coordinates of a specific street art along with its 3D rendering.</p>\n<p>Geotagging involves extracting precise metadata about the global positioning of the art. This includes the exact coordinates and an <strong>accurate digital rendering</strong> or other related digital media, like websites or videos.</p>\n<p>Non-fungible tokens, or NFTs, are digital assets that possess unique value. They do not possess a tangible, physical form and can be traded like other crypto tokens. NFTs follow the <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-ethereum-eth/">
Ethereum <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-erc-721/">
ERC-721 standard. Each NFT comes with a certificate of authenticity or a digital token that verifies the ownership of the asset.</p>\n<p>While some NFTs are digital collectibles with no real-life equivalent, geotagged NFTs provide a unique spin. Each geotagged NFT has an equivalent piece of street art somewhere in the world.</p>\n<p>The coordinates of the location are included in the NFT along with the digital representation. This provides the owner of the NFT with ownership over the actual artwork. The owner of the NFT can then choose to resell the physical art piece and transfer the ownership of the street art itself.</p>\n<p>Geotagged NFTs are considered <strong>non-invasive</strong> and provide artists with the opportunity to put their works for sale without having to physically relocate them. Collectors are able to own street art from anywhere in the world since the technology that NFTs are built on is <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-decentralization/">
decentralized./n
The original art remains completely intact after the purchase while the digital reproduction allows street artists to monetize their works efficiently.</p>\n<p>Each geotagged NFT is unique and contains different geospatial metadata, like coordinates and altitude. If someone were to sell an NFT of artwork on the East Side Gallery in Berlin, Germany, the coordinates would be 52.5050° N, 13.4397° E.</p>\n<p>Geotagged NFTs provide a niche opportunity for crypto enthusiasts and collectors to bring real-world data into digital technologies. This connects the digital and real-life art worlds and <strong>creates a new meaning of ownership</strong> for both the artists and the NFT owners.</p>\n<p>While the owner inherits the right to keep or sell the NFT as they wish, the artists are eligible to receive royalties each time the NFT is resold to a new owner.</p>","level":"medium","meta_title":"What is Geotagged NFT? Definition & Meaning | Crypto Wiki","meta_description":"Geotagged NFT meaning: Geotagged NFT - 3D version of street art with corresponding coordinated to the physical location of said street art.","meta_keywords":null,"language":"en","created_at":"2022-03-16T07:55:47.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-geotagged-nft"},"readingTime":2,"chapterList":[{"id":1,"title":"Blockchain","slug":"blockchain","updated":null,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/learn-blockchain.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/blockchain-101.jpg","rating":100,"sections":[{"slug":"what-is-blockchain","title":"What is the 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Assets?","featured_image_id":6542,"status":"published","chapter_id":7,"language":"en","order":5,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-get-free-crypto","featured_image":{"id":6542,"uuid":"4fceb9ab-391e-4ef9-b00d-c871a49878a3","public_url":"https://assets.bitdegree.org/crypto/storage/media/how-to-get-free-crypto.o.jpg","path":"crypto/storage/media/how-to-get-free-crypto.o.jpg","original_path":"crypto/storage/media/how-to-get-free-crypto.jpg","name":"how-to-get-free-crypto.o.jpg","original_name":"how-to-get-free-crypto.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"93.93KB"},"youtube_video":null},{"slug":"how-to-arbitrage-crypto","title":"What is Crypto Arbitrage: The Main 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Pulls?","featured_image_id":6555,"status":"published","chapter_id":7,"language":"en","order":10,"modified_content":null,"preview_url":"https://www.bitdegree.org/crypto/learn/how-to-avoid-rug-pulls-in-crypto","featured_image":{"id":6555,"uuid":"80cbed9d-3b4b-45d9-9a85-d2d8108c0f32","public_url":"https://assets.bitdegree.org/crypto/storage/media/how-to-avoid-rug-pulls.o.jpg","path":"crypto/storage/media/how-to-avoid-rug-pulls.o.jpg","original_path":"crypto/storage/media/how-to-avoid-rug-pulls.jpg","name":"how-to-avoid-rug-pulls.o.jpg","original_name":"how-to-avoid-rug-pulls.jpg","title":null,"alt":null,"width":768,"height":478,"disk":"spaces","status":"uploaded","readable_file_size":"111.99KB"},"youtube_video":null},{"slug":"how-to-avoid-crypto-taxes","title":"The Key Legal Techniques of Avoiding Crypto 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Terms","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/crypto-101-glossary.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-glossary-101.jpg","rating":100,"sections":["A","B","C","D","E","F","G","H","I","J","K","L","M","N","O","P","Q","R","S","T","U","V","W","X","Y","Z"]}],"nextSection":{"id":379,"original_id":null,"author_id":42,"translator_id":null,"title":"What is Governance?","slug":"what-is-governance","section":"G","keyword":"Governance","status":"published","definition":"people or organizations with decision-making authority over the project.","content":"<p><strong>Governance</strong> is an essential part of every <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-cryptocurrency/">cryptocurrency project</strong></a> and, regarding <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-blockchain/">decentralized blockchains</strong></a>, the governance structure is usually very liberal. Governance can be approached in various ways but there are <strong>two main decision-making structures</strong> – <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-on-chain-governance/">on-chain and <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-off-chain-governance/">off-chain.
/n
The primary voting structure in blockchains would probably be on-chain governance which allows embedding the voting participation and decision-making rules in the chain itself. This means that <strong>all proposed changes</strong> must be approved and adopted by all <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-node/">nodes in the blockchain network. </p>\n<p>For example, when a developer is working on a project, he has to send out change propositions to the blockchain and all nodes have to either accept or reject these changes. <strong>On-chain governance</strong> is considered to be in sync with the concept of decentralization of cryptocurrency. Though this structure puts a lot of power in the hands of miners, which might raise some concerns.</p>\n<p>Off-chain is another voting structure in blockchains and it is adopted by major cryptocurrency projects such as <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-bitcoin-btc/">Bitcoin and <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-ethereum-eth/">Ethereum. Off-chain governance works in a way that miners, users, <strong>developers</strong>, and business supporters participate in the decision-making process.</p>\n<p>It is a bit different in the way that there is a development team <em>(consisting of miners, users, developers, and business supporters)</em> that decides whether to accept or reject proposed changes to the project. Though there is <strong>no need for validation by all miners and nodes</strong> because the changes are not written out in the blockchain’s code. Off-chain limits the level of decentralization in the projects, thus being closer to traditional business governance.</p>\n<p>To have a more decentralized voting process, many blockchain projects use <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-governance-token/">governance tokens</strong></strong></a>. Stakeholders purchase and use governance tokens in order to gain voting rights and participate in the project's decision-making process on all levels. Governance tokens are widely used in <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-are-decentralized-autonomous-organizations-dao/">decentralized autonomous organizations (DAOs)</strong></a> that <strong>depend on</strong> a pool of stakeholders with voting rights rather than having centralized management systems.</p>\n<p>Both governance decision-making models have advantages and disadvantages but on-chain governance is definitely the one that is more desired by miners.</p>","level":"medium","meta_title":"What is Governance? Definition & Meaning | Crypto Wiki","meta_description":"Governance meaning: Governance - people or organizations with decision-making authority over the project.","meta_keywords":null,"language":"en","created_at":"2022-03-16T14:16:18.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-governance"},"prevSection":{"id":376,"original_id":null,"author_id":41,"translator_id":null,"title":"What is Genesis Block?","slug":"what-is-genesis-block","section":"G","keyword":"Genesis Block","status":"published","definition":"the first validated data block that starts a new blockchain.","content":"<p><strong>Genesis block</strong>, block 0, or block 1, is the first block that starts a new <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-blockchain/">blockchain. In many cases, the genesis block is hardcoded into the blockchain application software.</p>\n<p>After the genesis block, all new validated <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-block/">blocks that usually contain transactions and other activity data are attached via a \"chain\", forming the blockchain. Despite the name, there is no actual chain binding the blocks together. However, they all contain data that references the previous block and derive their value from the preceding blocks.</p>\n<p>The genesis block is the only one that does not contain any reference to a predecessor block by design. In most cases, the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-mining-reward/">mining rewards</strong></a> unlocked from validating and processing the genesis block are considered unspendable.</p>\n<p>As the name suggests, genesis blocks form the foundation of blockchain technology. The <strong>first-ever genesis block</strong> was mined on 9 January 2009 and marked the beginning of not just blockchain technology but also cryptocurrencies, specifically <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-bitcoin-btc/">Bitcoin.
/n
The genesis block of Bitcoin contained the message \"The Times 03/Jan/2009 Chancellor on brink of second bailout for banks\" which referenced the global financial crisis. The Bitcoin genesis block contained a reward of 50 BTC.</p>\n<p>The genesis block was created by <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/who-is-satoshi-nakamoto/">Satoshi Nakamoto</strong></a>, an <strong>anonymous entity</strong> (or entities), also known as the creator of Bitcoin. There have been some questions and speculations regarding the six-day interval between the time quoted in the genesis block message and its actual date of release.</p>","level":"easy","meta_title":"What is Genesis Block? Definition & Meaning | Crypto Wiki","meta_description":"Genesis Block meaning: Genesis Block - the first validated data block that starts a new blockchain.","meta_keywords":null,"language":"en","created_at":"2022-03-16T07:48:15.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-genesis-block"},"currentChapter":"G","currentSection":"what-is-geotagged-nft","chapterTitle":"G","readingLevel":"medium"},"url":"/crypto/learn/crypto-terms/what-is-geotagged-nft","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0"> Crypto Terms: Letter G
What is Geotagged NFT?
Geotagged NFT MEANING:
Geotagged NFT -
3D version of street art with corresponding coordinated to the physical location of said street art.
Let's find out Geotagged NFT meaning, definition in crypto,
what is Geotagged NFT,
and all other detailed facts.
A geotagged non-fungible token (NFT) is a type of NFT that includes the geographic coordinates of a specific street art along with its 3D rendering.
Geotagging involves extracting precise metadata about the global positioning of the art. This includes the exact coordinates and an accurate digital rendering or other related digital media, like websites or videos.
Non-fungible tokens, or NFTs, are digital assets that possess unique value. They do not possess a tangible, physical form and can be traded like other crypto tokens. NFTs follow the Ethereum ERC-721 standard. Each NFT comes with a certificate of authenticity or a digital token that verifies the ownership of the asset.
While some NFTs are digital collectibles with no real-life equivalent, geotagged NFTs provide a unique spin. Each geotagged NFT has an equivalent piece of street art somewhere in the world.
The coordinates of the location are included in the NFT along with the digital representation. This provides the owner of the NFT with ownership over the actual artwork. The owner of the NFT can then choose to resell the physical art piece and transfer the ownership of the street art itself.
Geotagged NFTs are considered non-invasive and provide artists with the opportunity to put their works for sale without having to physically relocate them. Collectors are able to own street art from anywhere in the world since the technology that NFTs are built on is decentralized.
The original art remains completely intact after the purchase while the digital reproduction allows street artists to monetize their works efficiently.
Each geotagged NFT is unique and contains different geospatial metadata, like coordinates and altitude. If someone were to sell an NFT of artwork on the East Side Gallery in Berlin, Germany, the coordinates would be 52.5050° N, 13.4397° E.
Geotagged NFTs provide a niche opportunity for crypto enthusiasts and collectors to bring real-world data into digital technologies. This connects the digital and real-life art worlds and creates a new meaning of ownership for both the artists and the NFT owners.
While the owner inherits the right to keep or sell the NFT as they wish, the artists are eligible to receive royalties each time the NFT is resold to a new owner.
