Location NFT
Last updated
Last updated
Other #DePIN projects have struggled to create even network coverage as many blockchain and crypto enthusiasts currently live in major cities, and there are also generally fewer people in rural areas. The GEODNET Location NFT is an important tool that incentivizes even geographical deployment distribution. Each GEODNET Location NFT is a unique, non-fungible ERC-20 token issued on Polygon.
For reference, here’s the GEODNET Location NFT collection on Opensea:
To be eligible for a location NFT, a Base Station (Satellite Miner) must satisfy ALL of the following conditions:
The station is the first one in the Hex providing good data (98% RRR for 30 days).
There must be no other station with an NFT in the same Hex as the current station.
The station has not received an NFT previously.
The station owner has a valid wallet address in their profile.
If a Base Station has an NFT, its reward rate is protected from the splitting of rewards within a hex. See for details.
If an NFT Base Station is offline for 37 days, it loses its NFT protection. If it is back online and another station has bound an NFT in the same hex, it can no longer bind the NFT. The Base Station can be treated as normal and regular hex rules apply. The Base Station's NFT can be used for other purposes, e.g. transfer or sell.
Updating your wallet address with an NFT will result in losing your NFT. You can transfer the NFT to the new wallet, but it cannot be bound to your station if another miner has claimed the NFT in your hex. If you can rebind the NFT, it will only be valid again after achieving a 98% RRR over 30 days.
If a station with NFT was unregistered and re-registered on GEODNET console platform, the station's data will be removed, and the station will have to start over again as a new one. The station must meet the NFT criteria again for its NFT to be valid.
NFTs will be unbound for any Hex change, with re-binding allowed only after achieving a 98% RRR over 30 days as per .