“POAP is short for Proof of Attendance Protocol that provides an open source standard that crypto developers can use to create crypto event badges for various events”
POAP NFT was initially introduced during ETHDenver, the world’s largest Web3 #BUIDLathon. These NFTs provide a way to distribute and collect digital collectables at any event. These NFTs are spreading rapidly in crypto events. Here we will discuss in detail everything you need to know about them. These Proof of Attendance the Protocol NFTs (POAP) serves as the digital version in the blockchain world. People collect these NFTs as digital souvenirs, such as gifts in NFT forms.
What is a POAP NFT?
Over the few years, NFTs have raised popularity. Today most of the people probably associate NFTs with expensive tags and specific profile pictures. Proof of Attendance NFTs, on the other hand, are not such standard information outside of blockchain space. POAPs are created as NFTs on the Ethereum blockchain through smart contracts. They are ERC-721 tokens and created to celebrate and record attendance at an event.
POAP NFTs are often called “an ecosystem for preserving memories.” Over time, people can get a set of POAPs that document their virtual and physical experiences on the blockchain. As the next step, you can think of POAPs in preserving and storing the moments of your life. These NFTs don’t always shine, nor do they break their price record. Event organizers usually offer these NFTs at no extra cost.
Note that not every NFT of the event is considered POAP. To qualify as POAP, NFT must come from POAP’s official smart contract. In addition, it should contain an image and include metadata for a specific date and time.
How Does a POAP NFT Work?
The first step in creating POAP NFT is proof of attendance protocol. This protocol contains a set of smart contracts
In addition, there are three requirements for each NFT:
- It is must be minted through the official smart contract of POAP
- It must contain metadata related to a specific date or period, up to one year.
- Must be accompanied by a photo associated with the event
Once the event organizer creates such NFTs, the next step is distribution. One popular way is to apply QR codes that viewers can quickly scan and download. Event organizers can also send download links to participants via email.
To avoid the expensive transaction fees of the Ethereum mainnet, POAP NFTs now operate on Gnosis Chain, a significantly cheaper and faster side chain. Gnosis is still compatible with Ethereum. Collectors can quickly pay the gas fee if they want to convert their POAPs to Ethereum main net.
How Are People Using POAP NFTs?
Users can use these NFTs to prove attendance at any event, crypto or non-crypto, and virtual or actual world events.
Here are ways in which people are using these NFTs:
1. Crypto Events
You will probably receive a POAP NFT at the front door if you attend a global crypto conference. These are usually simple badges that you can take back to your wallet as a souvenir from the event.
2. Blockchain Gaming
In traditional gaming, players are awarded cosmetic items or badges after beating a boss, hitting a particular hour, or participating in a significant event. Many blockchain games use POAP NFTs for the same purpose – to commemorate a specific milestone or event.
3. Crypto Communities
POAP NFTs are becoming popular for digital trading communities to motivate and reward active members. For example, in some communities, the holders of more POAPs enjoy special privileges, such as greater voting power over polls or DAO project proposals.
4. Out of Crypto
These NFTs are not specified for crypto. They can be issued as souvenirs for wedding guests with emotional value or souvenirs for concert attendees, to name a few.
In addition to monuments, such NFTs can serve as a blockchain-driven resume. Because the data on the blockchain is permanent and easily verifiable, employers may prefer a POAP summary to view and verify the applicant’s work experience.
Can You Sell Proof of Attendance Protocol NFTs?
Yes, but that’s not their primary job. POAP NFTs do not often have emotional value. Their purpose is to identify the personal experiences of the collector.
If you are interested in buying or selling Proof of Attendance NFT, you may consider visiting the NFT Marketplace. While you can technically sell Proof of Attendance NFT, there is no guarantee that you will make a profit. Most NFTs are usually offered free, so they do not provide much financial value.
Why Should I Own a POAP NFT?
The reason for having such NFT is personal and different for everyone. For many, POAPs help them record their life experiences on a secure network. People use them to reflect on the important events they were part of or the things they did.
As POAP NFTs grow in popularity, they can potentially serve as valuable memorabilia for major mainstream events. You may see more valuable proof of attendance protocol NFTs in the future as they come from this event or milestone. For example, a significant cryptocurrency conference could make such NFT worth some money in 10 years.
These NFTs are still in their infancy. For most people, this use is not common knowledge. As more event organizers experiment with POAP NFTs, usage issues will continue to move beyond verifying attendance or storing live experiences. Right now, POAPs are a fun way to own NFTs. They do not have the same monetary value as traditional NFTs bought and sold in the markets. For event organizers, these NFTs provides an easy way to distribute digital collection items at actual events. In contrast, POAP NFTs help people and communities record essential milestones.