Each Time Users Attend a POAP Supported Event, they receive a unique NFT Badge.
These NFTs are free to mint for both event issuers and receivers. Each POAP must have an image associated with it and have metadata related to it up to a year long. Therefore, tokens cannot represent memberships to groups. This encompasses anything not associated with a calendar.
Also, they need a third party to verify the issuance. It cannot be a one-off transaction between a single issuer and receiver.
Not all POAPs are created equally so today we present:
POAP Taxonomy 🧵:
💍 Collectible – the holders enjoy them on their intimacy (private usage)
🎖Reward – the holders get benefits for owning them (private/public usage)
🏆 Recognition – the holders flex them (public usage)
— POAP – The bookmarks of your life (@poapxyz) August 13, 2021
Acting as its namesake, this is immutable proof that you attended each event. Users store their badges in compatible ETH wallets.
What is the Value in POAP?
It’s great that you get proof of attendance, but what’s the point?
POAP is becoming a new type of identification. As a user collects digital badges, these NFTs grouped become a collection. As the collection reaches a specific size, a future use case of this NFT collection can be as a decentralized ID. This collection can only be representative of one person’s experiences.
In theory, if the collection reaches a specific size, it can be used as a personal identification that does not rely on:
Just experiences. This creates the possibility for low-cost, highly secure, and reliable forms of identification.
What is a POAP Event?
Each event grants one POAP token to attendees. Events can be virtual or in-person, short or long-lasting.
A person can take part in limitless events, but there are two stipulations.
1. Only one POAP token is granted for each event.
2. You must attend the event to receive a token.
Even organizers can issue POAPs for any event. But, they must also abide by these stipulations. They must ensure they only give out one token to each attendee, and each recipient is in attendance.
There currently is no protocol in place to effectively enforce these rules. POAP tells event organizers to act transparently in their distribution of tokens.
POAPs Bring NFTs Past Cartoon Lions, Tigers, and Bears
On the other hand, when transferring POAPs, one badge cannot be sent from wallet to wallet. Users cannot trade experiences with each other. Transfers only occur when a wallet transfer the entire collection to another one.
We, as a community, are very used to the current applications of NFTs. Right now, that looks like collections of randomly generated JPEGs, for the most part. Some of these JPEGS are rarer than others and can be sold individually. As a result, users can extract value from the system and use that in different avenues.
POAPs Apply NFTS in a Different Way
Using NFTs as a record instead of a means to profit, POAP has created a brand new form of identification. Everyone’s life experiences are different, down to what you do in a day. Some participate in Twitter Spaces that others don’t. In addition, this contributes to your life experience!
What an amazing show today @ohhshiny each show is better than the last one. My eye was opened to photography in the space thanks to @justinaversano for insight. Also thanks for the POAP. Check out this awesome POAP I added to my collectionhttps://t.co/o7R6dBZURT
— MetaSpace (@space_ETH) November 15, 2021
This idea that NFTs are only applicable to expensive right-click to save JPEGs is a narrowminded look at the tech. POAP is taking a different approach to NFTs. Therefore, not everything needs to be for-profit or have a monetary value attached to it.
I hope you know all these poaps are worthless
— fudmas.eth 🍌 (@itstylersays) November 15, 2021
Are they worthless in terms of monetary value? Maybe!
Do they need to have any value or worthiness to anyone outside of the person who had these experiences? Absolutely not.
Moreover, follow our new Altcoin Buzz Public NFT Wallet to watch collections we’re buying, selling, and holding! Use this as a jumping-off point for your research.
Therefore, join us on Telegram to receive free trading signals.
Above all, for more cryptocurrency news, check out the Altcoin Buzz YouTube channel.