POAP NFTs – What Are They And How Can You Use Them?
According to COO Isabel Gonzalez, the Proof of Attendance Protocol (POAP) provides people with the tools to come together, get invested, and drive value for their communities. Ultimately, it should increase humanity’s quality of life. But how? Read on to find out more!
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What Are POAP NFTs?
Patricio Worthalter, Tomás Soracco, Gonzalo Sainz Trápaga, Daniel Martin Fernandez, and Rene Schmidt founded POAP in 2018 and first launched it at ETHDenver 2019. It is essentially an ERC-721 token that aims to preserve memories as digital records using blockchain technology. The team built POAP to celebrate various moments in life, from finishing a book or participating in a race, to attending graduations, weddings, and other similar events.
POAP NFTs are easy to deploy and usually cost very little. It effectively allows holders to capture the ephemeral value from their accomplishments, memories, and other precious moments in life. The team has listed 3 characteristics of a POAP NFT:
- Social: the event should connect members of a group;
- Memorable: the event should be something worth remembering; and
- Time bound: POAPs exist to commemorate moments or periods in time.
In January 2022, the Delaware company received $10m in a funding round which included 1KX, Red Beard Ventures, Sound Ventures, and several others. They will use this fund to focus on human development throughout the organisation.
What Can You Do With POAP NFTs?
POAP NFTs are relatively less popular compared to blue chip NFTs like the Bored Ape Yacht Club NFT collection. Therefore, many use cases remain to be seen. For starters, businesses can use this tool to increase community engagement, reward their attendees, or simply use it as digital memorabilia. Many POAPs incentivise the community to attend or participate in an event with the hope that the NFTs may lead to greater rewards in the future.
Holders can also choose to migrate their POAPs and sell them on OpenSea, but they are usually non-speculative and carry little monetary value. The more common approach is where holders hold on to their POAPs as they were meant to be a means of capturing various important life moments.
So far, we have seen various entities releasing their own POAP NFTs for different occasions. This can include conferences, meetings, blockchain games, concerts, weddings, business training programs, schools, and many others.
How To Claim POAP NFTs?
POAP event organisers typically provide a QR code or a link that allows the attendees to claim their POAPs using their Ethereum wallets. Currently, the platform supports MetaMask, WalletConnect, Portis, and Coinbase Wallet. However, attendees can also key in their email address if they have not set up their wallets. This allows them to claim their POAPs at a later time after the event.
How To Launch A POAP For My Event?
You can easily launch your own POAP for your event here.
Notable POAP NFTs
Millions of POAP NFTs have been minted so far, but a few stand out among the multitude. Adidas Originals’ POAP is definitely on the leaderboards when it comes to POAP trading volume. Top metaverse platform Decentraland is also supporting POAPs through the Decentraland POAP server. Besides that, the Bankless podcast, blockchain mobile RPG Guild of Guardians, and adult animated series Stoner Cats have also dropped POAP NFTs to their community.
On the other hand, international events such as Dappcon, the Ethereum Community Conference, NFT NYC, and Art Basel Miami have released POAPs to their respective attendees over the past year. Not forgetting Budweiser, Coach, the US Open, and the list goes on. Apart from the obvious bragging rights, some of these holders may continue to receive rewards within the respective ecosystems in the future.