Location NFT
What is GEOD Location NFT?
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: https://opensea.io/collection/geodnet-location-nft
Hex
In the GEODNET Network, regions of coverage are depicted by hexagons, also known as "Hexes". There are many reasons why we use Hexes to map out coverage areas (if you want to take a deeper dive, Helium has a good explanation in this article). Hexes allow us to maximize precision and proximity when mapping out the network.
How to Obtain a Location NFT
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 Hex Reward Rules for details.
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