GRASS "locations" are sets of one or more rasters and/or vectors with the same coordinate reference systems, and may or may not represent the same actual location on Earth. GRASS "mapsets" are like subfolders of locations, and are collections of rasters and/or vectors typically related to the same general project. This function returns the mapset of an object or the current mapset. This said, fasterRaster always uses the "PERMANENT" mapset, so there is very little reason to use this function as-is. See vignette("projects_mapsets", package = "fasterRaster")
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See also
GRASS locations and mapsets