What is the meaning of the word "poet laureate"?

Definitions:

  1. a poet who is unofficially regarded as holding an honorary position in a particular group or region copy to clipboard noun
    • I am the poet laureate of all lyricists. copy to clipboard
  2. the poet officially appointed to the royal household in Great Britain copy to clipboard noun
    • the poet laureate is expected to provide poems for great national occasions copy to clipboard