What Is a POAP NFT?

Non-Fungible Token (NFT) is no longer a new concept in the crypto and blockchain space. It has gained so much popularity as a result of its widespread applications, and some of the use cases include the use of NFT as an in-game asset, digital artworks, and digital avatars, among others. Prominent among the applications is the use of NFT as a Proof of Attendance Protocol (POAP).

It is common to attend events and return home with some kind of item. It can be a gift from the event organizers or a personal keepsake. The kind of items normally depends on the nature of the event. It can be a ticket to a popular concert or a badge from a conference or a t-shirt and a cap from the event organizers. We end up keeping them in remembrance of the event. This is the same concept behind POAP NFTs.

POAP NFT is the digital version of these keepsakes. A souvenir in the form of NFT. It is a memento or souvenir powered by blockchain technology. Just like a physical keepsake, it proves that you attended the event where it was given. This article will cover all you need to know about POAP NFT and why you will not want to miss the next opportunity to own one.

What Is a POAP NFT?

POAP NFT is a kind of NFT given to event attendees as a reward for their participation. It could be a physical or virtual event. It is similar to souvenirs and keepsakes. The only difference is that POAP NFTs live on the blockchain. In other words, it is a digital version of souvenirs or mementos powered by blockchain.

POAP NFTs are generally known as “an ecosystem for the preservation of memories”. It is a means of keeping immutable records of both physical and virtual life experiences. The amount of individual collection from a community signifies the level of commitment and time spent in that community. POAP NFTs are meant to be personal items peculiar to an individual but lately, they can be traded on secondary NFT marketplaces.

The idea of POAP was introduced by a group of Ethereum enthusiasts in 2018. Its first application was in 2019 during the ETHDenver convention. It was used to reward hackers who participated in a physical and virtual hackathon organized by the Ethereum community. Since then more than 100 Ethereum communities have given out over 7000 POAPs as proof of attendance stored on the blockchain. Some events that gave out POAPs are Dappcon, EthGlobal, and the 10 million users party hosted by MetaMask in 2021.

How Does a POAP Work?

POAPs are created using ERC-721 standard for NFTs. They are minted using a Proof of Attendance Protocol that runs on the blockchain with the help of smart contracts. For an NFT to be referred to as a POAP, it must meet the following requirements

• It must be minted using the official POAP smart contract.

• It must contain metadata related to a specific date or time up to one year long.

• It must contain a piece of information and image linked with the community or the event.

Once created, these NFTs can directly be sent to the attendees’ wallets or the claim link can be sent to their emails. Alternatively, they are provided with a QR code to scan or a secret phrase that gives access to the POAP. Anyone can easily create a POAP, but any creation must be preceded by an event to avoid creating meaningless NFTs.

POAP NFTs were initially on the Ethereum mainnet but due to high transaction fees, it was moved to the Gnosis chain. This is a sidechain of Ethereum formerly known as xDai. Transactions on the Gnosis chain are cheaper and faster. Hence most POAPs can be created at almost no cost and distributed for free. Just like a sidechain interacts with a parent chain, a POAP can still be moved to the Ethereum mainnet at a cost.

How Are POAPs Used?

The sole aim of a POAP is to prove attendance. It can be integrated into any kind of event, physical or virtual, crypto or non-crypto. Examples of how POAP NFTs can be used in the crypto space include:

• Crypto communities: Communities can use POAP as a means to engage and incentivize the members. DAOs such as SushiSwap and ShapeShift give out POAP to members who show continuous support to the community by attending weekly calls and asking me anything sessions (AMA). These NFTs can also serve as a prerequisite for receiving future rewards and perks.

• Blockchain gaming: POAPs can be used in blockchain games to mark a special event. Decentraland, a popular metaverse game, gave out POAP to mark its 10 million users. Players can also be rewarded with in-game assets in the form of POAP for their performance.

• Crypto events: Attendees of crypto conferences, both physical and virtual, will likely receive a POAP for their participation. This is one of the commonest ways of getting this type of NFT.

POAP NFTs can also be used outside the crypto space. Examples include:

• As a certificate: Schools and trainers can send out POAP to their students as proof that they have passed through the program.

• It can be used as souvenirs: Couples and event organizers can give out souvenirs in the form of POAP to their guests for attending the event.

• Concert tickets: POAP NFTs can be issued by a known group to all those who witnessed their performance. This serves as digital memorabilia of the event or concert.

• Blockchain-powered resume: Since the records on the blockchain are permanent and immutable. Job seekers can use a POAP to document their work experience. It is a credible and transparent means for individuals to show their level of exposure and different communities they have strongly been part of.

How to Claim a POAP NFT

There are several ways to claim a POAP once you are eligible. The method to be used depends on how the event organizers designed it. Some of the common ways to claim a POAP include:

• Automatic delivery: In this method, people who signed up for the event will need to submit their Ethereum wallet address. The POAP will be automatically airdropped to these addresses.

• Self-service claim: In this method, a link or URL is provided for the attendees. Then you will have to follow the rules and claim your POAP. The link can be made available through email.

• Manual method: Here, a QR code is provided. The event attendees will need to scan the code to claim their POAP.

Before claiming a POAP, one will need to have an Ethereum wallet compatible with POAP. If this is not available, the NFT can be reserved using an email address for later minting.

How to Check a POAP

You can view your POAP using your web browser or wallets such as Metamask. To check for the POAPs you collected, firstly visit the official POAP SCAN page.

On the above site, you have the option of connecting your wallet or simply inputting your wallet address. If you choose to connect, simply tap on the connect wallet and follow the instructions. Whether the POAP was automatically airdropped or minted, ensure to connect the right wallet.

With the above steps duly followed, you will be able to see all the POAPs you have collected.

Why Own a POAP NFT?

Apart from POAP being used as proof of attendance, it can also come with additional perks and incentives. These NFTs can be worth more in the future, especially when collected from a major community. POAP in some cases can be used as a measure of an individual’s involvement in a community. This is visible in some DAO such as SushiSwap and ShapeShift.

These communities reward their members that are actively taking part in the community events by giving them POAPs. In such a scenario, the number of NFTs held by an individual is equivalent to the time commitment. These NFTs can also be used to allocate rewards in the future. Bankless DAO used POAP as a basis for allocating airdrops to the community members. The amount of token received was determined by the number of Bankless POAPs claimed in the past.

POAP can also serve as an individual decentralized identity. For example, people who attend various functions can build a POAP collection that will serve as an on-chain resume. With such a record, you stand a good chance of being hired for a job that requires similar experience. More value will be attached to this if event organizers ensure that only individuals who attended the program can claim these POAPs.

Do POAPs Have Value?

A POAP is meant to be a personal item especially when it is a documentary of an individual’s experience. It is not meant to be traded. However, people go ahead to do so, especially when it is from a reputable event or community. The value attached to POAP most times is based on speculation of future rewards. Some communities that give out POAPs to members for their support use it as a criterion for future token airdrops.

With this in view, POAPs from such communities will highly be sought and people won’t mind buying them from an NFT marketplace. You can find some POAPs listed on OpenSea, Rarible, and other marketplaces. You can trade them but there is no guarantee it will be a profitable venture.

Some Similar Projects You Should Know

Project Galaxy: It offers builders the opportunity to run campaigns, build and engage their communities. Projects can create and distribute On-chain Achievement Tokens (OAT), to their community members for their achievements. OATs are in the form of NFT badges. These badges, just like POAPs, can be used as a basis for future perks. For example, during Arbitrum Odyssey’s first week, users who made use of hop protocol were able to claim an OAT through Project Galaxy.

FLOATs: They are POAPs built on the Flow Blockchain. It was created by Emerald City DAO. Projects can create and distribute FLOATS to their community members as a reward for their participation.

Conclusion

The use of POAP as proof of attendance is not limited to any kind of event. It can be used for both virtual and physical events, crypto and non-crypto events. The use of POAP NFTs is still at its initial stage. With more event organizers integrating it, the concept will become clearer and more people will come to appreciate it.

POAP NFT is a transparent and credible way of proving individual involvement and contribution. Also, it is paramount to ensure that only qualified persons can claim these NFTs. POAPs are not meant to be traded like other NFTs. It is advisable to keep them as they might be more valuable in the future.