MyGeoTokens (MGT) and Pastel Network Explore Potential Partnership to Revolutionize Geospatial NFTs

Pastel
PastelNetwork
Published in
3 min readFeb 27, 2024

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In a move set to redefine the landscape of the NFT (Non-Fungible Token) market, MyGeoTokens (MGT) and Pastel Network have announced their mutual intent to explore a potential partnership. This collaboration aims to leverage Pastel Network’s innovative technology and MyGeoTokens’ unique platform to enhance file storage options and authenticate digital assets.

This announcement underscores the shared vision to push the boundaries of NFTs’ functionality and security. The potential partnership promises groundbreaking advancements in two key areas:

Improved File Storage Options

Pastel Network’s decentralized permanent storage protocol, Cascade, stands out as a beacon of innovation, surpassing traditional file storage systems in terms of security and cost-effectiveness. By integrating Cascade into the MyGeoTokens platform, users can expect a more secure and economical solution for storing NFTs. This development holds the potential to redefine how digital assets are stored and accessed, opening new avenues for creators and collectors alike.

Relative Rareness Scoring

Leveraging Pastel Network’s cutting-edge technology, the partnership seeks to introduce Relative Rareness Scoring, a novel approach to authenticate and measure the uniqueness of original art. With the ability to verify the authenticity and originality of digital assets such as paintings, drawings, and photographs, creators and collectors can enjoy increased confidence in the value and uniqueness of their NFT collections. This scoring mechanism promises to revolutionize the NFT market by providing a transparent and reliable method to assess the rarity of digital assets.

General Marketing Initiatives

Pastel Network is considering leveraging MyGeoTokens (MGT) for Web3 meetups and other potential marketing initiatives. This could involve using MGT as a reward mechanism for attendees at these events, encouraging participation and engagement.

The announcement illustrates the joint dedication to innovation and collaboration. MGT and Pastel Network express excitement about the opportunities this partnership could unlock, highlighting its potential to reshape the NFT industry’s future.

Speaking on the announcement, Steve Ennis , Founder & CEO at MyGeoTokens, expressed enthusiasm about the potential partnership, stating, “We are thrilled to explore this collaboration with Pastel Network. By combining our strengths, we aim to empower creators and collectors with enhanced storage solutions and authentication mechanisms, setting new standards for the Geospatial NFT market.”

Similarly, Anthony Georgiades, Co-Founder at Pastel Network, echoed the sentiment, remarking, “The potential partnership with MyGeoTokens aligns perfectly with our mission to revolutionize the Geospatial NFT ecosystem. Together, we can drive innovation, foster trust, and unlock new possibilities for creators and collectors worldwide.”

As the NFT market continues to evolve, collaborations like the one between MyGeoTokens and Pastel Network signal a paradigm shift towards greater security, authenticity, and value within the digital asset space. While details of the partnership are yet to be finalized, the ecosystem eagerly anticipates the transformative impact it could bring.

Stay tuned for further updates as MyGeoTokens and Pastel Network embark on this journey to redefine the future of NFTs.

About Pastel Network

Pastel Network is a fully decentralized, developer-friendly layer-1 blockchain serving as the preeminent protocol standard for non-fungible tokens (“NFTs”) and Web3 technology.

Pastel allows for the development of third-party decentralized-applications (“DApps”) to sit on top of its Network, enabling developers to enjoy the scalable registration features, storage processes, and security of the broader ecosystem. Lightweight protocols such as Sense — which was built to assess the relative rareness of a given NFT against near-duplicate metadata — and Cascade — which conducts permanent, distributed storage of underlying NFT data — can be integrated cross-chain across various layer-1 blockchains, layer-2 protocols, or other third-party apps.

Pastel is managed by world-class developers, cryptographers, and technologists, supported alongside an experienced and extensive network of marketers, influencers, and third-party agencies. Pastel is backed by key stakeholders including Innovating Capital, a prominent venture fund.

For more information on Pastel Network, visit https://pastel.network/.

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Pastel
PastelNetwork

Next-gen NFT focused blockchain. Certifiable authenticity. Permanent storage. Negligible fees. Build, secure, and scale your Web3 ecosystem with Pastel.