Geotagged NFTs: All You Need to Know
NFTs offer their users dozens of use cases, from acting as in-game items, tickets for exclusive communities online, 3D avatars for the metaverse, and more. These use cases are great when we think about the metaverse, but when thinking about the real world, most NFTs fall flat.
Lost Worlds, a new geotagging NFT platform, is creating geotagged NFTs, or gNFTs, to build a new NFT-based ecosystem that brings together the real world and the virtual metaverse, complementing each other with the best of both worlds. With gNFTs, each NFT is geographically tied to a specific location. This means that to mint a gNFT, you’d need to visit the place tied to the gNFT physically, and only then will you be whitelisted to mint the gNFT.
This model can also be called Explore to Earn or E2E. It offers its users the opportunity to explore their surroundings and take in the world around them while earning gNFTs through the metaverse.
To explore the Lost Worlds ecosystem, you need to stake 5 $LOST tokens, the native token for Lost Worlds. There are three tiers to the staking: bronze, silver, and gold, and each tier offers more rewards than the previous.
After registering by staking tokens, you can mint gNFTs using the Lost Worlds platform. When you mint a gNFT, you can sell it on the marketplace to help others complete their collections. With Lost Worlds’ Minter Royalties, you earn royalties on your NFT sales for perpetuity, giving you a source of passive income.
What Geotagged NFTs Offer
Geotagged NFTs are a novel idea that many people are not yet convinced of their potential use cases, especially since NFTs do not traditionally have utilities that can interact with the physical world. Since each gNFT is bound to a single area to be minted, this can serve a variety of purposes, such as:
Narrowing the gap between the metaverse and the real world: With gNFTs, the metaverse unites with the real world at certain points of interest, providing gNFT holders to view both the metaverse and the real world from a fresh perspective.
Tying real-world experiences and stories to the metaverse: If a person visits a site of great historical significance (example: Pyramids of Giza), they can not only view the monument through their eyes in the physical world, but they can also mint a gNFT tied to the pyramids, creating an exclusive NFT as a memory.
Increasing consumer interaction for businesses and events: Most events in the corporate world take a cookie-cutter approach, renting venues, hosting speakers, and so on. With gNFTs, business events such as summits or expos can be made more visitor-friendly, encouraging them to interact with their surroundings and visit all corners of the event.
Creating communities: With gNFTs, clubs, and communities can create a layer of exclusivity to their ranks and build a shared experience for their members.
Making immersive augmented reality games: Most AR games such as Pokemon integrate AR alongside a GPS, tying certain items/characters to specific regions. With gNFTs, this can be further enhanced by adding a play-to-earn element with the help of the blockchain.
Geotagged NFTs: The Challenges
The Lost Worlds NFT project has created a working model of Geotagged NFTs, which was deemed impractical when considering the number of obstacles in the way of geotagged NFTs, or gNFTs. Some of these challenges have creative fixes, while others are being worked upon actively.
- Mock location providing applications, spoofing, etc., feature problems that can’t be addressed by just the blockchain and require additional resources from off-chain technology, such as beacons. Beacons are a potential solution for this problem but can pose problems when dealing with logistics or bureaucratic red tape.
- gNFTs do not view the location history of the wallet holder, but rather the location of their wallets. This can cause collection competition involving travel to quickly become unfair, as multiple people might share one wallet to mint each location’s NFT rather than one person visiting each location and participating in the competition as the developers intended.
- As with all NFTs, gNFTs also suffer from the same skeptical view critics of the technology often cast. This causes the adoption of this exciting technology to slow down, often being unable to break past some key resistance points. This can be alleviated by inviting well-known content creators to generate content talking about owning gNFTs, aiming to attract the masses.
Get Started on Lost Worlds
Geotagged NFTs or gNFTs are an excellent way of introducing the metaverse to the physical world while creating more opportunities for people to adopt NFTs. In that context, Lost Worlds is all set to deliver some pioneering work.