What is POAP
Crypto for Advanced
POAPs (Proof of Attendance Protocol) are one-of-a-kind NFT badges that are given out to anyone who attend both virtual and real-world events. While POAPs can be used to keep track of your life events, others see them playing a larger part in the digital economy in the future.
POAP stands for Proof of Attendance Protocol. These NFT badges are given out to show that you were there at an event, whether it was virtual or real. Each badge is one-of-a-kind, which means that the only way to obtain a specific POAP is to attend the event. Collectors can quickly amass a one-of-a-kind collection of POAPs that chronicles their adventures in the crypto world. The ERC-721 standard, which is utilized for NFTs, is used to construct all POAPs. However, in order to be classified as a POAP, an NFT must meet a set of conditions.
Every POAP NFT must meet three requirements:
- It must be created with the POAP smart contract address in mind.
- It must contain metadata relating to a time or date span of up to one year.
- It must be accompanied by an image.
While POAPs were first issued on the Ethereum main net, they have been created and distributed on the Ethereum sidechain xDai since October 2020. POAPs can be minted for relatively little money because xDai is built for rapid, low-cost transactions. As a result, POAPs are frequently given away for free to everyone who qualifies. If the user pays the gas fee, POAPs can be moved from xDai to Ethereum. Due to the hefty fees associated with Ethereum, most users prefer to leave their POAPs on xDai, where they can be viewed via the POAP app.
POAPs have been distributed at over 100 Ethereum community events so far, including EthGlobal, Dappcon, and the just concluded Ethereum Community Conference in Paris. Over 7000 POAPs were claimed throughout these events, resulting in a blockchain-based attendance record that can be verified.
POAPs are also being used by a number of online crypto communities to communicate with their members. Attendees of weekly community meetings, AMA participants, and voters on governance proposals receive badges from DAOs like SushiSwap and ShapeShift. Decentraland, a popular metaverse game, often distributes POAPs to mark in-game events, such as MetaMask's recent 10 million user party.
The fundamental goal of POAP NFTs is to keep track of your life events. Consider them a type of digital memento. They're a method to reflect warmly on significant events and activities in your life. But that isn't the only reason. Many communities have devised strategies to encourage the collection and storage of POAP NFTs. The community of Bankless DAOs is a good example. The community dispersed its crypto tokens through an airdrop to wallet addresses that have previously claimed POAP NFTs to reward anyone who joined its movement. More tokens were given to those who claimed more POAP NFTs.
Even though that NFT trading reached 25 billion dollars, POAP would be of great value if it was from some major event.