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A Simple But Complete Guide to POAP NFTs

2022-05-13

Main Takeaways

  • The POAP NFT was initially introduced during ETHDenver, the largest Web3 #BUIDLathon in the world.

  • POAP NFTs provide an easy way to collect and distribute digital collectibles at any type of event.

  • At Binance events, attendees can scan a QR code to claim their POAP NFT and open it on the Binance NFT marketplace. 

POAP NFTs are becoming increasingly widespread at crypto events. Here’s everything you need to know about them. 

We’ve all brought home a personal keepsake. They could be trinkets from a foreign country, tickets to your favorite band’s concert, or a badge from an important conference. All of these items help record our memorable life experiences. 

Proof of Attendance Protocol NFTs (POAP) function as digital versions of these keepsakes in the blockchain world. People collect POAP NFTs as digital memorabilia, like souvenirs in NFT form. In this guide, you’ll learn all about POAP NFTs and how you can get one yourself on Binance NFT.

What is a POAP?

NFTs have boomed in popularity over the past few years. Today, most people probably associate NFTs with hefty price tags and peculiar profile pictures. POAP NFTs, on the other hand, aren’t as common knowledge outside of the blockchain space. 

The POAP NFT was initially introduced during ETHDenver, the largest Web3 #BUIDLathon in the world. POAPs are minted through smart contracts as NFTs on the Ethereum blockchain. They are ERC-721 tokens created to celebrate and record the attendance of an event. 

POAP NFTs are often referred to as "an ecosystem for preserving memories." Over time, people can acquire a collection of POAPs that document their physical and virtual life experiences on the blockchain. 

You can think of POAPs as the next step in storing and preserving your life moments. These NFTs aren’t always flashy, nor do they break records for their price. In fact, event organizers usually give out POAP NFTs at no extra cost. 

Note that not every NFT from an event is considered a POAP. To qualify as a POAP, the NFT must come from POAP’s official smart contract. Furthermore, it must have an image and include the particular date and time metadata.

How Does a POAP Work?

The first step of creating a POAP NFT is the Proof of Attendance Protocol. This protocol comprises a set of smart contracts.

Additionally, there are three requirements for every POAP NFT:

  1. Must be minted through the official POAP smart contract.

  2. Must contain metadata related to a specific date or period, up to one year long.

  3. Must come with an image associated with the event. 

Once the event organizer creates the POAP NFTs, the next step is distribution. A popular method is to put up QR codes that attendees can quickly scan and download. Event organizers can also send out download links to attendees via email. 

To avoid Ethereum mainnet’s costly transaction fees, POAP NFTs now operate on the Gnosis Chain, a significantly cheaper and faster sidechain. 

That said, Gnosis is still compatible with Ethereum. Collectors can simply pay the gas fees if they want to convert their POAPs to the Ethereum mainnet. 

How Are People Using POAP NFTs

POAP NFTs can be used to prove attendance at any event, crypto or non-crypto, and virtual or real-world events. 

Here are some ways people are using POAP NFTs:

Crypto events

You’ll likely receive a POAP NFT at the front door if you attend a global crypto conference like Binance Blockchain Week or Paris Blockchain Week. These are typically simple badges that you can take back to your wallet as a souvenir from the event.

Blockchain gaming

In traditional gaming, players get rewarded with cosmetic items or badges after defeating a boss, hitting a certain number of hours, or participating in a big event. Many blockchain games also use POAP NFTs with the same purpose — to commemorate a special milestone or event. 

Crypto communities 

POAP NFTs are becoming a popular way for communities to incentivize and reward active members. For example, holders with more POAPs in some communities have special privileges, such as higher voting power on polls or DAO project proposals. 

Outside of Crypto

POAP NFTs aren’t exclusive to crypto. They can be issued as mementos with sentimental value for wedding guests or souvenirs for concert attendees, to name a few. 

Beyond souvenirs and mementos, POAP NFTs could function as a blockchain-powered resume. Since data is permanent and easily verifiable on the blockchain, employers may prefer a POAP resume to view and authenticate an applicant’s work experience. 

Can You Sell POAP NFTs?

Yes, but it’s not their primary function. POAP NFTs more often than not carry sentimental value. They are meant to signify the collector's personal experiences. 

You can consider visiting an NFT marketplace if you’re interested in buying or selling a POAP NFT. While you can technically sell a POAP NFT, there is no guarantee that you will make a profit. Most POAP NFTs are usually given out for free, so they don’t offer much financial value. 

Why Should I Own a POAP

The reason to own a POAP NFT is personal and different for everyone. For many, POAPs help record their life experiences on a secure network. People use them to reflect on important events they were a part of or things they accomplished. 

As POAP NFTs grow in popularity, they could potentially function as valuable memorabilia for large mainstream events.

You might see more valuable POAP NFTs in the future because of the event or milestone they came from. For example, a POAP NFT from a major crypto conference could be worth some money in 10 years. 

This is similar to how original concert ticket stubs from iconic bands like The Beatles are now coveted collector items. 

How Do I Get a POAP

In most cases, you’ll receive a POAP NFT when you attend an event. 

The event organizer will provide either a QR code or a URL with the claim code. You can scan the QR code or enter the URL in a web browser to claim your POAP. For Binance, you can scan the POAP QR Code using the camera on the Binance App.

POAP NFTs are designed to be stored in an Ethereum wallet. If you don’t have a compatible blockchain wallet, you can reserve the POAP NFT with your email address. Once you use the POAP NFT's claim code, provide your email address to reserve it. Next, link the Ethereum wallet to your email address to mint your POAP NFTs.

Stay up-to-date with crypto communities and events if you want to find events that give out POAP NFTs. You can follow Binance NFT on Twitter or Instagram to receive first-hand information on events where we are giving away POAP NFTs. 

How Do I Claim a POAP NFT on Binance NFT

To get started, follow the steps below:

1. Download the Binance app if you don't have it yet.

2. Use your Binance app camera to scan the POAP QR code at the event. 

3. Click to Claim POAP NFT Mystery Box.

4. Open Mystery Box to Reveal POAP NFT.

At Binance NFT, we’ve already launched a few POAP NFTs of our own. This includes the “Binance in Paris 2022” POAP NFT, which allowed holders to claim rewards during the physical event.

In the future, Binance NFT will announce exclusive perks for users who currently own POAP NFTs, such as for Binance Blockchain Week and Paris Blockchain Week. Some perks may include getting whitelist access for future Initial Game Offering launches and eligibility for Subscription Mechanism sales. 

Bottomline

POAP NFTs are still at a very early stage. For most people, this use case isn’t common knowledge. As more event organizers experiment with POAP NFTs, the use cases will continue to expand beyond verifying attendance or storing lived experiences. 

At the moment, POAPs are a fun way to own NFTs. They don’t carry the same monetary value as traditional NFTs bought and sold on marketplaces. 

For event organizers, POAP NFTs provide an easy way to distribute digital collectibles at important events. Conversely, POAP NFTs help people and communities record major milestones. 

If you’re looking to get started with POAP NFTs, follow Binance NFT on Twitter or Instagram for updates. To claim POAP NFTs, create a Binance account, complete identity verification, and visit the Binance NFT Marketplace. 

Read the following helpful articles for more information:

DISCLAIMER: NFTs are an emerging asset class that is still evolving. The information in this article should not be construed as investment or financial advice. Always do your own research before making any decision to buy, sell or trade NFTs.