How Lost Worlds Will Reinvent Real World NFTs Forever
Beyond the initial mania and craze of 2021, NFTs have entered their second phase and are finding use cases that can alter how we experience reality, journal the experiences, own, buy, and trade collectibles and assets, and monetize them simultaneously. One such novel NFT use case is that of Geo NFTs — perhaps the most recent and innovative real-world NFT application brought into the NFT space, and pioneered by the Lost Worlds project.
For all the globe-trotters and travelholics who love to capture their experiences, Lost Worlds — a location-based NFT platform — brings a great opportunity where they can mint Geo NFTs (gNFTs) of places they visit for other collectors to discover, mint, and trade. A gNFT is bound to a specific location, and a user can mint a gNFT only if they are present at a particular location and at a particular time. Location-based NFTs are a radically new concept with multiple use cases in the upcoming metaverse and web3 world.
As the metaverse slowly transverses into our lives, we cannot disregard the key role of NFTs in building the blocks of the virtual world. Geo NFTs will be the vital link between the real world and the metaverse. By augmenting the real world at only specific and noteworthy locations via the metaverse content, gNFTs can become the ready access to virtual world assets from the actual world.
For example, you visited the Leaning Tower of Pisa and minted your Geo NFT from there. Any user interested in getting a piece of the virtual experience from that place can get a hold of these gNFTs via the Lost Worlds platform.
Beyond individual personal experiences, gNFTs, as location-based NFTs, have great relevance for brands, businesses, events, and places. These NFTs will bring together communities and clubs with shared interest areas within a single frame despite being located anywhere across the globe. Real-world businesses can grab opportunities in the metaverse to connect with relevant audiences and engage with them virtually. Players can turn themselves into game characters, claim in-game items, and complete metaverse challenges from these specific locations.
In an effort toward becoming the creator and community-driven NFT platform, Lost Worlds is bringing the World Creators Program (WCP) — a creative ambassadors program initiative where NFT artists from across the globe are invited to create works themed around a location and develop location-based gNFT drops based on Lost World’s minting guidelines. The Lost Worlds team will filter the best individual gNFTs or location-based gNFT collections, and the winner will get 5,000 LOST as rewards and a chance to monetize their own NFT collection drop on Lost Worlds with a 25% revenue share
Did the above possibilities entice you to wonder how such things will transpire? Well, Lost Worlds, based on the Avalanche blockchain, merges the physical and virtual realities, thus providing a new level of scarcity and utility via Geo NFTs — Continent NFTs connected to the real world. Let’s discuss how.
Continent NFTs, as the name suggests, are location-based NFTs connected to one of the seven continents in the world. These Continent NFT collections will be a limited edition NFT collection — 250 NFTs per collection. People will be able to mint NFTs from across the globe and use the Lost Worlds platform to sell their NFTs on the secondary marketplace.
As discussed, users need to be at the same location of whose NFT they intend to mint. So will you be traveling to Antarctica to mint your Continent NFT from there? Wait, there’s a catch. The Lost Worlds community and Avalanche community have whitelisted Antarctica to jump-start the collection. Any user with an ‘Explorer rank’ in the platform’s Discord channel and who owns an APA, Craft, Hopper, or 900 GB, will be whitelisted to mint Antarctica.
When a user mints a Continent NFT, they get rewarded with $LOST tokens — the native token of the Lost Worlds platform. For each subsequent NFT, a user gets minter dividends or $LOST rewards. If ever a user can mint NFTs for all the seven continents, they can go to their achievements sections and claim their rewards for burning their seven continents.
Lost Worlds platform is also conducting the Global NFT Collector Challenge, where ‘the Global NFT’ is the ultimate reward and ‘the Big PayDay’ is the challenge event. All those burning the NFTs of seven continents will be rewarded with the ultra-rare Global NFT. To keep the scarcity primitive intact, the platform has provided only five Global NFTs. The Global NFT holders will get additional $LOST tokens as rewards.
Every minter of a Continent NFT can also earn royalties on each resale of their NFTs for perpetuity. For mining an NFT on the Lost Worlds platform, a user needs to stake 20 $LOST tokens during the launch phase (100 $LOST tokens after the warmup period of 30 days) on lostworlds.io. NFTs can be minted via mobile phones but can be accessed on the desktop as well.
Any user staking their $LOST tokens will get additional perks, such as early access to the project and voting rights on every new location-based drop. The Portals NFT series is another attempt by the platform to encourage people to travel around the world and immortalize their experience in the usually-fragile universe we humans tend to exist in.