POAP or Proof Of Attendance Protocol serves easily as verifiable proof for many types of events, online or offline. How does it work? Is it potential for investment?

Although we are still in the early stages of crypto as one form of economic and cultural revolution, there are already so many benefits and developments in the use of digital assets and their products and services. Ethereum, for one, has been rapidly growing not only as a tradeable coin but also as a crypto platform. Many projects and benefits have been developed for wider use, gaining more traction in economic activities among its communities and the curious public. One of the latest features that benefit the users or hodlers is POAP.

What is POAP

 

Wait, What is POAP?

POAP or Proof Of Attendance Protocol is the latest mechanism in the crypto distribution system, one which was born rightly in, by, and for the communities. Since many crypto and NFT projects include special access to certain clubs, events, or member-only activities, many users demand such a mechanism to verify who did attend such events or programs and who did not. And since it is required to prove one's attendance to validate their crypto or NFT (Non-Fungible Token) ownership or specific rights, it is essential to put into work some legit mechanism to give someone validated proof that their attendance was accounted for and they own the right to some further benefits. A POAP token is made mainly for this reason, and it serves easily as verifiable proof for many types of events, online or offline.

The same principle is used to verify people's participation in a limited club, a special forum, a fan group, or in a more professional environment, a crypto institution. It is only believable when you say that you are an enthusiast of a particular coin when you have the coins in a certain amount and you collect almost all of its perks. The same goes with NFTS, music artists, sports clubs, scout groups, et cetera. To be a special member, you must have at least one item that validates your appreciation.

 

History of POAP

At the ETH Denver Convention back in 2019, communities and some volunteers who organized the event had to issue some rewards to the Hackathon participants and winners. But since the event itself was funded by group influencers, developers and organizers, there were questions over the feasibility of fiat money or crypto coin rewards. So, to bridge the gap, the organizers then devise their POAPs as a form of reward.

On one hand, POAPs at that time were approved as a brilliant alternative to fiat money or crypto form of rewards. On the other hand, the aim was to promote vast possibilities in the use of Ethereum blockchain, what could be created and developed using the platform, and what new futures it supports that other altcoins or technologies don't. POAP was considered one of the main crypto innovations of the year. The project then continued to be 100% volunteer-driven and funded, and with POAP, it amassed contributions and loyalty from top coders and influencers for future events.

 

Two Categories of POAP Users

So far there are two categories of users for POAP.

  1. Event Planners. Event Planners are the ones who plan, arrange and manage events as well as produce and distribute the required credentials for all participants, process the validation, and then report the results using the POAP systems.
  2. Collectors. Collectors are the ones who attend events or other club-like activities and are eligible for validation of a POAP. This group may use personalized, NFT-type badges to mark their participation in said events, and then they are confirmed as POAP holders. They are eligible for future benefits and perks managed by the community, including ownership and trading rights of certain POAP-based NFTs as rewards.

To build engagement around the crypto technology, many crypto event organizers launch their POAPs to give personalized experiences and pride to their loyal users, buyers, or followers. POAPs may come in unique and memorable designs, built with specific features such as unlocking some rewards, and access to VIP chat rooms or future events. In many cases, VIP ticket holders of crypto events receive special, personalized POAPs with guaranteed access to different tiers of community services or, very limited Discord and Telegram channels.

POAP holders may also help themselves gain more respect and trust in the crypto world. In some other cases, organizers may modify the system to allow POAP holders or enthusiasts to create their own limited, VIP-only events. They can utilize passwords and QR codes as ways to verify someone's eligibility and parts rights of the rewards.

 

POAP NFT

Now, POAP is also compatible with the ERC-721 standard, a utilization channel inside the Ethereum NFT environment. So, for practicality in its distribution, a POAP NFT must fulfill a set of conditions, such as:

  • It must be created using the official and validated POAP smart contract.
  • It must provide information for a specific time or date, or a certain duration within one year. This will mark its use for certain events or limited-time benefits.
  • It must be paired with a picture. And since NFTs are mostly pictures, GIFs, or videos, it is not hard to connect the two for eligibility.

POAPs were first issued on the Ethereum blockchain and used in Ethereum-only fan-base events. However, since its huge popularity in use and future developments, it seems that now POAPs will likely be used in some other blockchains. Although there has not been any news about the use of POAPs on other blockchains, it is now been developed and tested on Ethereum sidechain xDai since October 2020. High fees on the Ethereum blockchain are still a problem for many users, so most POAP users stick to xDai to minimize cost and use dedicated POAP apps to access their digital assets.

Yes, POAP is now still a limited, special-occasion-NFTs, but the technology behind it has shown promises of wider use and technical benefits that many crypto enthusiasts are happy to embrace. Plus, it has been built in rapid, low-cost transactions and it seems that it has so far gained positive reviews from crypto learners and beginners.

 

Why Should I Collect a POAP?

Other than gaining certain access to limited crypto events or perks, POAPs also offer a unique ability to explore the developments of the Ethereum blockchain, not only as a cryptocurrency but as a promising platform.

Collecting POAP badges is certainly entertaining and gives a sense of pride, but it may hold some important, yet still undiscovered potential. Some users have recognized its practical use as a blockchain badge, and many find POAP collection as a unique group of NFTs with specific groups of buyers and values. And since POAP is a form of decentralized identification tool, many event organizers are developing mechanisms to make sure that each eligible attendee receives only one POAP, not more. Also, the non-attendees do not receive, copy, or buy illegal POAPs.

If you are a collectible lover, POAPs can be an important part of your future collections. It is like having the first of tickets to Veecons or Larva Labs inner club. It also has the prospect of higher value in the market, since this technology is still in its early stages, much like Ethereum itself. So whoever owns their first few POAPs issued in the earlier Ethereum events may have the potential of high value in the future when Metaverse is well developed and adapted for larger use.

 

How to Claim a POAP

Each POAP badge represents a part of or a set of events. Every one of them is unique, and therefore can only be claimed using the specific steps provided by the event organizers — which typically use web links or QR codes. Some crypto enthusiasts have quickly amassed a set of POAPs to showcase how deep their involvement is in the crypto world of communities.

But worry no not, you also can claim your POAP for a variety of uses, depending on how you get them and what utility it brings. Bear in mind that some website names may change after their events, especially if they involve a series of phases in the events. So, to be able to claim the POAP, make sure you land on the right website.

Here are simple steps to claim your POAP:

  1. Visit the valid, dedicated POAP website.
  2. Key in your Ethereum or email address to put a hold on the POAP. This is important, so make sure you enter the correct phrase or address to claim it.
  3. You have an option to mint the POAP for free on the cost-free xDai network or the main Ethereum network where gas fees apply.
  4. Claim the POAP.

After claiming your POAP, you can build your own collection on the website or app, now available on Google Play and Apple Store. Of course, you can grow your collection by attending more events or special club activities, validating your attendance, and collecting your badges. The more badges you earn, the bigger your collection on the app, and potentially, the bigger your POAP NFT collection.

The world of NFTS keeps expanding to infinite possibilities of use and benefits. Some intriguing features are now in development, and some others like POAPs have successfully been introduced as another perk of involving in the crypto community. POAPs does not only serve as proof of involvement in the community, but it also holds a bright future for the general prospect of crypto technology, especially NFT and its platforms. And since exclusivity brings higher value, some may find POAPs as a good form of investment, one that may protect people's rights and prides.