Monday, January 24

What is a POAP and why can it be very important in the future?

A POAP is a digital certificate in NFT format that is used to demonstrate attendance at an event in the metaverse or in the real world. POAP is an acronym for Proof of Attendance Protocol and they are ERC-721 tokens distributed on the Ethereum xDai sidechain. Each POAP is unique and can only be obtained by demonstrating attendance at an event. POAPs not only serve as proof of attendance, they also allow for other integrated services such as private chat rooms or giveaways. Last Saturday, December 18, this newspaper and the legal firm Vicox they held a Christmas party in the Decentraland metaverse and distributed various gifts through POAPs.

What is a POAP

POAPs are NFT badges given away by event organizers to demonstrate user attendance. The only thing that is needed to request a POAP is to have a crypto portfolio in Ethereum and to attend an event where they distribute POAPs. This NFT is kept forever in your crypto portfolio and serves as a certificate that you have attended a specific event. Therefore, this digital test serves to differentiate who has been in a given community since the beginning.

Importance of POAPs

The automation of digital certificates through POAPs opens up infinite possibilities. For example, let’s imagine that a soccer team distributes POAPs automatically through membership cards, for each game that the owner of the card attends. At the end of the season, each member would have the certificate of the number of games they have attended. In this way, the club could offer different advantages depending on the seniority of each member and the number of games they have attended. Thus rewarding the loyalty of each follower.

Bank of England calls for global rules to deal with banks’ crypto services

This example is also applicable to other industries, such as music. Fans who have followed a group since its inception would have an easy way to show their loyalty through POAPs. As a reward, the musical group could benefit them with concert tickets or other benefits.

University Certificates

The Carlos III University of Madrid, the University of Alicante and the Pontificia de Comillas are some of the Spanish universities that use blockchain technology to issue university degrees. A system that reduces paperwork and provides irrefutable security and transparency. However, with POAPs the automation and benefits could go further.

2021, the year real estate companies discovered property values ​​in metaverses

A student could identify himself from the start of the degree with a QR code, included in his student card. So every time you pass an exam, the certificate automatically appears as a POAP on your student profile. The most important POAP would be the one that indicates that the race has finished. When accessing the job market, the student could add a link in their CV with all their educational POAPs.

POAPs and the community

POAPs can also allow access to exclusive activities to their owners. In fact, many blockchain communities are using POAPs to interact with their members. This is the case with DAO SushiSwap and ShapeShift, which automatically distribute POAPs to those who attend weekly community meetings. They are also awarded to voters of governance proposals, with the goal of increasing turnout. All these POAPs hide different advantages for the users who acquire them.

Vicox Christmas Party and Blockchain Observatory

In the Christmas party convened by Vicox and Blockchain Observatory on Saturday, December 18, in Decentraland, the 25 prizes raffled among attendees were distributed through a POAP. That is, only those POAP owners could enter the draw. In addition to being gifted with the POAP itself. The gifts that were raffled were: 5 AirDrop de Avax (Avalanche), 5 30-minute crypto tax consultancies, from Vicox. Five artist t-shirts @joyart and five free consultations on tax residence in Portugal, facilitated by Royalnomads.

At the Christmas party the services of Metasistant, a company created by Vicox and Blockchain Observatory to help companies enter the metaverses and markets of NFTs. Vicente Ortiz, partner of Vicox and one of the founders of Metasistant, referred at the party to the development of a shopping center in a metaverse.

You can also follow us on our channels Telegram Y Twitter