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POAP NFTs: The Digital Memorabilia
By Ruchi Sharma
Proof of Attendance Protocol or POAP is a type of NFT that indicates you attended an event or had an experience. That could be your concert ticket stub, a refrigerator magnet from a souvenir shop, or a badge from an important conference you attended. A POAP NFT is a digital representation of these keepsakes.
POAP NFTs have only just begun to gain momentum. They are not yet widely used, but they are gaining popularity. We have yet to see their full potential. If you haven’t explored POAPs before, it’s a great way of collecting digital memorabilia and getting incentives too.
How does a POAP work
For minting these NFTs, there is a Proof of Attendance Protocol. The protocol is made up of a collection of smart contracts, which are blockchain-based programmes.
Using this Proof of Attendance Protocol, event organizers can create their own POAP NFTs. The POAP website, POAP.xyz, contains all the information required to mint and distribute these NFTs.
Requirements for a POAP NFT
- It must be minted under the POAP smart contract address.
- It must have metadata related to a time or date period, which can be up to one year long.
- It must have an image associated with it.
- The organizer must decide how to distribute the POAP NFTs once they have been created. They could put up signs with QR codes for people to download the POAP NFT at their event, or they could send an email with a download link.
The POAP NFTs are Ethereum tokens, but they’re built on xDai, a stable payments chain designed for fast, low-cost transactions that allows the creation of POAP NFTs at a low cost. It also consumes little energy, making these NFTs environmentally friendly.
Examples of POAP NFTs
POAP NFTs have been distributed to attendees at cryptocurrency community conferences. POAP NFTs have been distributed by online groups to those who attend weekly or monthly meetings. POAP NFTs have been used in blockchain games to commemorate special milestones.
As a keepsake, couples can send POAP NFTs to their wedding guests. Businesses can use POAP NFTs to verify attendance at training programmes or other events. Graduates of educational programmes can be issued POAP NFTs by schools.
Why hold a POAP
Aside from being a form of digital memorabilia, many communities have devised ways to encourage the collection and storage of POAP NFTs. For example, the Bankless DAO community distributed its crypto tokens via airdrop to wallet addresses that had previously claimed its POAP NFTs. Those who claimed the most POAP NFTs received more tokens.
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