POAP, or in other words, you say the proof of attendance protocol, as it states, requires evidence of attending an event or an application such as voting systems, event ticketing, and supply chain management. But does it have the same meaning in crypto? What do we know?
What is a POAP in Crypto?
In the world of blockchain technology, proof of attendance protocol is a mechanism used to verify that a person or device was present at a specific event or location. The concept of a proof of attendance protocol is centered on the idea of using blockchain technology to produce a tamper-proof record of attendance.
By leveraging the immutability and decentralized nature of blockchain, proof of attendance protocol can provide a secure and reliable way to confirm that a person or device was present at a specific event or location.
From another perspective, one can define it as a non-fungible token proving attendance at an event, whether it be in person or virtually. Attendance at these events provides you with digital stickers or badges to add to your wallet.
How Do POAPs Work?
POAPs are created through a smart contract on the Ethereum blockchain, which ensures that they are unique and authentic.
The POAP can be utilized by event planners to plan events, campaigns, and conferences. Attendees can confirm their attendance at the event by providing their location information or scanning a QR code. This action will create a record of attendance with a timestamp that is securely stored in a smart contract on the Ethereum blockchain.
The footings of the agreement between the purchaser and seller are directly incorporated into the code as a smart contract. Smart contracts allow for the automation of a wide range of processes, including the verification of attendance.
By using POAP, event planners can charge fees for their services and expand their audiences via social media and event management platforms.
Event attendees are given a digital mark as a souvenir when they attend an event that deals with POAP NFT.
Attendees can view the information recorded on the badge by scanning the QR code with the device provided to them by the event. Using location detection or QR codes on site, attendees’ POAPs can be updated remotely or on-site.
A few examples of events that have used POAPs include the following:
- EthGlobal
- Decentraland
- Dappcon
- Ethereum Community Conference in Paris
- EthDenver
- EthCC
The above listed are just a few examples, and the list is likely to grow as more events begin to adopt POAPs as a way to prove attendance or participation.
What are the benefits of POAPs?
POAPs, or Proof of Attention Tokens, are digital collectibles that are used to reward and incentivize certain behavior within a community.
One of the main benefits of POAPs is the ability to showcase one’s decentralized identity. As POAPs are unique digital assets that can be collected and displayed, they can serve as a badge of honor within the decentralized community, helping individuals establish their presence and reputation within the ecosystem.
There are several other benefits of using this protocol, including:
- Building closer relationships with brands or DAOs
- Serving as a blockchain-style resume
- Offering more discretion than outdated social media
- Being a more efficient way to manage event subscriptions
- Being valuable, limited-edition assets tied to historical events and cultural milestones
- It can also be used as a reward system for dedicated members of a community.
Can you sell POAP?
POAPs are digital assets, and as such, they can be bought and traded on various marketplaces. Some marketplaces that specialize in digital collectibles, such as OpenSea, allow users to buy and sell POAPs as well as other types of digital assets like NFTs.
However, it’s worth noting that the value of a POAP can vary widely depending on its rarity, uniqueness, and the community’s perception of it. Some POAPs may have a high value because they are associated with a well-known brand or event, while others may not be as valuable. It should be noted that POAP holders do not encourage selling, although you can do so if you so desire.
Conclusion
POAPs (Proof of Attendance Protocol) are digital collectibles that prove attendance and reward and incentivize behavior within a community as well as they can be used to showcase one’s decentralized identity and gain financial and community perks. POAPs can be bought and sold on various marketplaces, but it’s important to know their real value and the risks involved.
