What are POAP NFTs?

What are POAP NFTs?

Many platforms and companies offer incentives, such as first dibs on deals, discounts, or access to a limited-edition product to active participants. However, a challenge for this type of marketing is that event organizers do not have a way to determine which users actually attended the event. If there is no means to prove attendance, it is difficult to know who should be rewarded. This is where POAP NFTs come in. In this article, you will understand POAP NFTs, how they help event planners determine users to reward, practical use cases, and every other thing you should know about POAP NFTs.

What are POAP NFTs?

POAP (Proof Of Attendance Protocol) NFTs are unique Ethereum-based badges given to participants or attendees of an event by the organizers. It is a badge of recognition for participating in a physical, online, or metaverse event.

POAPs were initially minted and distributed on the Ethereum mainnet. In October 2020, POAP moved to the Ethereum sidechain, xDai, because of its higher speed and lower transaction costs. Crypto Punks are the most popular POAPs, with the most significant sales of about $532 million as of December 2021.

The concept of POAP originated from a 2019 hackathon held in Denver, ETHDenver conference. The ETHDenver creation was built as a method of recognition for participants at the event and as an illustration of Ethereum's capacities beyond cryptocurrency use.

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What's special about POAPs?

Unique design

Each badge has a custom design, and the only means to get a POAP is to be at the event. Collectors can quickly accumulate a unique collection of POAPs which documents their experiences and travels through the crypto space.

ERC-721

All POAPs are built with the ERC-721 standard for NFTs and must be minted through the official POAP smart contract.

Value

POAPs are not intended to hold monetary value; instead, they act more as sentimental or status items. The POAP app, for instance, has a built-in digital leaderboard that allows users to see where they rank in terms of participation in online events. They serve as a tool for attendees to share digital memories.

Open-source

POAP is an open-source, community-owned protocol operating on the Ethereum blockchain. Its purpose is to enable users to create memorable tokens that prove a particular user attended an event.

Image

POAPs contain an image and information related to the event, with a specific time or date.

How Does a POAP Work?

About anyone could invent a digital badge, but it is essential to know how they function:

NFT minting:

POAP NFTs are minted right on their application. For this, event organizers require a POAP smart contract address, the metadata linked to the event date or period, and an image to serve as the NFT. The number of attendees at each event, branding, and buzz around the event determines the rarity and value of each NFT.

Blockchain technology:

The Proof of Attendance Protocol runs using smart contract technology to control the distribution of NFTs to the appropriate users. The underlying blockchain technology also assures security and traceability. The platform initially ran on Ethereum's mainnet but switched to Gnosis Chain in late 2020 to reduce associated gas prices.

Distribution:

Organizers can employ various unblocking techniques to have participants access their POAP NFTs. These techniques could involve, for instance, scanning QR codes or using passwords. Such methods give the event organizer complete control, allowing timed releases to match a promotion or create more hype or engagement with their platform.

What Are POAP NFTs Used For?

The primary purpose of a POAP is to prove attendance. Here are a few examples of different ways that POAP NFTs are used:

  • Businesses use POAP NFTs to indicate attendance at training programs or other events.
  • to gain access to exclusive events, including an invitation to participate in monthly community meetings
  • Can be used as Souvenirs given to attendees
  • invites to participate in protocol voting, meetings in person, or private chat rooms
  • Blockchain games use POAP NFTs to commemorate special milestones.
  • Schools can award POAP NFTs to graduates of their educational programs.

How to get a POAP

When you attend an event with POAP NFTs, the organizer gives out either a QR code or a URL with the claim code. You can scan the QR code or type the URL into a web browser to collect your POAP. POAP NFTs are made to be stored in an Ethereum wallet. You can reserve the POAP NFT using your email address even if you don't yet have a blockchain wallet that works with it. Once you've used the POAP NFT claim code, reserve it by entering your email address. Your POAP NFTs can be minted once your Ethereum wallet is linked to your email.

The Future of POAP NFTs

The development of POAP collections by more prominent brands like Garyvee and Adidas has raised interest in buying and selling these NFTs, which bodes well for POAPs in the future. POAPs are an excellent opportunity for event planners to customize the experience for attendees and make their events more appealing. This is the only kind of NFT that connects the physical world and the decentralized network. It basically connects decentralized identities with the physical world.

Conclusion

POAP NFTs are a relatively new technology, with its initial focus on simple creative badges developed on the Ethereum network. POAP NFTs have only just begun to gain adoption and still haven't reached their full potential. Therefore, now is the perfect time to explore POAPs if you haven't started already.

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