GeoNFTs Took Over NYC!

How One Project Is Powering Geofenced NFTs

April 19, 2023

(did you attend NFT.NYC? Reply to this email with Yes or No. We might do a Web3 Academy event at NFT.NYC next year so we’re curious how many of you were there 😊)

GM DOers!

NFTs were let loose in New York City!

NFT.NYC 2023 brought in plenty of passionate and creative people, making it a fun and inspiring one.

Plenty happened there, but we’re not here to cover the whole thing, as that would take three whole days to do, hehe…

We’re here to talk about the biggest story of the week… geoNFTs!

What really stood out to us was not what was happening in the conference seminars, but rather what was happening on the streets of NYC.

STEPN, DeGods, and Y00Ts organized a city-wide treasure hunt that brought participants outdoors to collect various goodies such as collectible NFTs and physical merch. Super cool!

We're always 🔍 exploring unique NFT use cases, especially those interacting with the physical world.

The NFTs in the treasure hunt were powered by Lost Worlds, which teamed up with other NFT projects to showcase its geoNFTs, enabling location-based NFT minting. 🤯

So today, let’s talk more about Lost Worlds and its geoNFTs, the treasure hunts in NYC, and the potential future use cases of geoNFTs. 😉

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Geofenced NFTs, POAPs, and Lost Worlds

GeoNFTs = POAPs on steroids

You probably know about POAPs, proof-of-attendance badges minted as NFTs for physical or digital events.

They've gained popularity over the years (over 6.5 million POAPs minted!), thanks to their fun, non-financial nature and our desire to capture memorable moments.

People love collecting souvenirs from events, like wristbands and tickets. And POAPs are yet another favorite keepsake they can hold onto.

But wait a minute, I thought we were talking about geoNFTs?

Well, geoNFTs can be thought of as the next step in the evolution of POAPs.

Pioneered by Lost Worlds, the company behind geoNFTs, these geographically fenced NFTs offer a more scalable and secure way of minting location-based NFTs than POAPs. How?

  • Unlike POAPs, geoNFTs ditch QR codes, making it easier for attendees. No need to wait in line or search for QR codes. Just turn on your GPS 🛰️, and you can instantly mint from anywhere at the event. A big leap in UX!

  • GeoNFTs boost security. 🛡️ QR codes can be hacked, putting you at risk. Hackers might hijack NFTs, redirecting users to harmful sites and stealing funds. With geoNFTs, there's no such risk. 👍

But how does the process work, how can I mint a geoNFT?

Lost Worlds

Lost Worlds is the company developing geoNFTs.

They’ve created a complete mobile-first platform that allows the creation and distribution of geoNFTs. It even includes its own marketplace that allows you to scan for nearby geoNFTs based on your location. 🔍🛰️

❗Importantly, they’ve also focused their efforts on creating an incredibly smooth onboarding experience, with an emphasis on web2 features, such as a quick and easy creation of a non-custodial wallet using email, and payments using credit cards, Apple Pay and Google Pay.

This is exactly the route that Reddit took, and it paid off massively.

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This approach enables Lost Worlds to offer location-based collectibles to businesses with web3-unfamiliar customers, providing unique and engaging experiences in physical locations. 🤝

At NFT NYC, attendees had the chance to experience first-hand the thrill of collecting and interacting with digital assets unique to a tiny speck of land in the whole world…

GeoNFTs at NFT NYC and Beyond

So what happened at NFT NYC?

In the spirit of taking NFT experimentation to new levels, DeGods & STEPN offered a unique "phygital" experience (physical+digital - don’t get me started on this one - some words should not exist, and phygital is one of them 🤣)

Attendees embarked on Pokemon GO-like missions to iconic NYC landmarks, completing challenges & quests.

Winners unlocked $100,000+ in prizes 🎉, including DeGods and STEPN NFTs, Ledger Nano hardware wallets, merch, & Apple products, creating unforgettable memories with onchain proof!

This showcase, although incredibly fun and meaningful, only scratched the surface of what can be done with geoNFTs.

Its potential is vast and can be adopted by various businesses that reside in the physical world (which there are many 😛).

Here are some ideas on how these sectors can leverage location-based NFTs:

  • Brands can use geoNFTs in marketing campaigns, driving customers to visit specific locations for exclusive NFTs & promotional offers. This can boost foot traffic, brand awareness, and encourage people to be more active! 🏃‍♂️

  • Museums can use geoNFTs for interactive tours 🎧, AR experiences, and access to special exhibits. Exclusive geoNFTs can unlock behind-the-scenes content 🎥, memberships, and discounts 💸, enhancing visitor engagement!

  • Retailers can use them to create loyalty programs and promotions tied to specific locations. Customers can collect or unlock exclusive NFTs by visiting the establishment or making a purchase, incentivizing repeat visits and increased spending.

  • Parcel delivery services can use geoNFTs to create an onchain record of successful deliveries, tracking delivery progress and offering customers verifiable proof of delivery based on the location data.

  • Ride-hailing/rental services can implement geoNFTs to create location-based loyalty programs, allowing riders to collect unique NFTs or unlock promotions for frequent use of the service or visiting specific destinations (Think of Lime scooters collaborating with the municipality of Paris to encourage people to explore different parts of the city! 🤯)

I’m sure there are many more exciting use cases hiding in the shadows, but even these low-hanging fruits can have a huge impact on how companies shape the experiences of their customers and develop deeper and richer relationships.

If you’re a brand or a company exploring how NFTs could help your business, geoNFTs are definitely a tool you should keep an eye out for to level up your community engagement and unlock new opportunities.

I hope you enjoyed this one. And as always, DOers be DOin! 🫡

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MINT AN NFT

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Thanks for reading and we’ll see you on Friday! ❤️

Disclaimer: This article is for informational purposes only and not financial advice. Conduct your own research and consult a financial advisor before making investment decisions or taking any action based on the content.

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