You are currently viewing The Beginners’ Guide to POAP NFTs |  by Orbis86 |  Coinmonks |  Sep 2022

The Beginners’ Guide to POAP NFTs | by Orbis86 | Coinmonks | Sep 2022

OVer the last few years, NFTs have gained enormous popularity, with more and more people looking towards them as a promising investment option. However, the concept of POAP NFTs is not very well-known outside the blockchain community.

Most of us have, at some point in our lives, collected a unique souvenir, be it a memento from a trip, a concert ticket for one’s favorite band, or a badge for attending a specific conference. These mementos usually represent some of our most cherished life experiences, and in the blockchain world, POAP (Proof of Attendance Protocol) NFTs serve as digital replicas of these mementos.

The POAP NFT was first presented at ETHDenver, the world’s biggest Web3 #BUIDLathon. POAPs are ERC-721 tokens created on the Ethereum blockchain using smart contracts to acknowledge and document event attendance. The phrase “an ecosystem for retaining memories” is frequently used to describe POAP NFTs. People can amass a portfolio of POAPs over time that serve as a blockchain-based record of their real-world and online experiences.

POAP NFTs are the next stage in archiving and preserving your life’s moments. They don’t necessarily have dazzling designs or set price records. In fact, POAP NFTs are frequently provided at no additional expense by event organizers. It should be noted that all NFTs from an event are not POAP NFTs. They must originate from a POAP’s official smart contract in order to be considered a POAP, and also contain a picture and the specific metadata for the date and time.

The Proof of Attendance Protocol is the first stage in developing a POAP NFT. Several smart contracts make up this protocol. Each POAP NFT must also meet the following three criteria:

  • Must be created using the authorized POAP smart contract.
  • Must include information on a particular day or time frame, lasting up to a year.
  • Must include an image related to the occasion.

The next phase is distribution when the event organizer prepares the POAP NFTs, often using QR codes that guests may easily scan and download. Participants can also receive download files through email from the event organizers. POAP NFTs now use the Gnosis Chain, a less expensive and quicker sidechain, to avoid the expensive transaction fees associated with Ethereum Mainnet. development, Gnosis and Ethereum continue to work together. If collectors wish to migrate to the Ethereum mainnet, they only need to pay the gas fees.

POAP NFTs may be used to verify attendance for any event, whether it is crypto or non-crypto, virtual or physical. The following are some applications for POAP NFTs:

  1. Conferences
    Many major crypto events today provide guests with a POAP NFT at the entrance. Usually, they are just plain badges that you may keep in the wallet to serve as a reminder of the occasion.
  2. Gaming
    In conventional video games, winning a boss battle, reaching a set number of hours, or taking part in a significant event earns players cosmetic trinkets or badges. The same reason why many blockchain games employ POAP NFTs is to celebrate a significant accomplishment or event.
  3. Cryptocurrency groups
    Communities are using POAP NFTs as a means of rewarding and motivating their most engaged members. For instance, holders in particular communities with a greater POAP count have specific benefits like more voting power when it comes to DAO project proposals.
  4. Beyond Crypto
    But POAP NFTs aren’t just limited to cryptocurrency domains. They might be given out as sentimental gifts to guests at a wedding or as memories for concert goers, among others.

POAP NFTs might serve as a blockchain-powered résumé in addition to serving as souvenirs and keepsakes. Employers could choose a POAP resume to examine and confirm a candidate’s job history because the data is irreversible and simple to verify on the blockchain.

Although selling POAP NFTs is a possibility, this is not their main purpose. The majority of the time, POAP NFTs have sentimental value. They are intended to represent the collector’s unique experiences. If you’re interested in trading a POAP NFT, you can try an NFT marketplace. Although a POAP NFT can theoretically be sold, there is no assurance that you will turn a profit. Since the majority of POAP NFTs are often distributed gratis, they don’t have any economic worth.

Each person’s motivation for owning POAP NFTs is unique and personal. Many POAPs assist them in documenting events in their life on a safe network, marking significant occasions or accomplishments they have made. POAP NFTs may become desirable mementos for major mainstream events as their popularity grows. The event or milestone they originated from may lead to the appearance of higher priced POAP NFTs as well. For instance, a unique POAP NFT given out at a significant crypto conference may become quite valuable in ten years, the same way as authentic concert ticket stubs from well-known bands become highly sought-after collectibles.

When you participate in a crypto event, you usually get a POAP NFT. The claim code will be provided by the event organizer as either a URL or a QR code. To retrieve your POAP, either scan the code or type the URL into your computer browser. POAP NFTs are made to be kept in the Ethereum wallet. After using the claim code, you can secure it by registering using your email address. After that, connect your email address to the wallet to start minting POAP NFTs.

POAP NFTs are currently at a nascent stage. Their applications are also not well-known to most people. While POAPs are not as valuable as conventional NFTs that are bought and traded on markets, they give event planners a simple method to hand out digital rewards at significant events, and help individuals and groups in documenting significant achievements. As more event planners experiment with them, the use cases for POAP NFTs will also develop further beyond collecting lived experiences and validating attendance.

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