POAP NFTs: All You Need to Know
Tired of storing your tickets safely and making it to a real-life event? Shuffling among your emails to find that one mail with your registration details for a virtual event? Guess, what? Here’s something that identifies you instead of identifying your transaction details or a registration number. POAP NFTs have emerged as a revolutionary step in the world of NFTs and the concept of creating digital transformations of real-world assets. Since POAP NFTs are still new to the market, there is very little to almost no buzz around them. Let’s solve the problem and dive into POAP NFTs.
What are POAP NFTs?
Originally built during ETHDenver, POAP NFTs offer a new way of recording the attendance of participants and attendees in an event. These are basically ERC 721 tokens minted on the Ethereum blockchain via smart contracts. It is envisioned that POAP NFTs will be able to provide digitized tokens of registration for real-world as well as virtual events.
These NFTs are often referred to as “ecosystems for the preservation of memories” and “memory-carrying ecosystems”. As you may have comprehended, these NFTs are solving a major problem of tracking transactions to prove registration to attend an event rather than identifying the person themselves. Therefore, POAP NFTs are offering a huge scope of eliminating the need for paper-based or bothersome email notifications for getting entry to an online or real-life event.
What are POAP NFTs important?
POAP NFTs are extremely important and have significant future potential. Here are some of the reasons why these NFTs are so important for projects and businesses.
1. Community Polls
These NFTs are not only beneficial for the holders but also for the companies that issue them. They help businesses organize community polls and which opinions to follow depending on the number of POAP NFTs held by the owner of those views. This means that the users with the most NFTs hold higher voting power.
2. Consumer Engagement
POAP NFTs can be used for a variety of purposes such as giveaways, contests, airdrops, and so on. As each receiver gets a uniquely designed NFT from the company, it allows the company to generate better consumer engagement and provide them with a personalized experience. This further leads to a deeper connection between the business and its customers.
3. Proof of Experience
All of us have preserved the tickets when we went to our favorite music fest, a gallery art show, football match, etc. However, over the years, paper-based tickets may wear out, rusting down the memory of that event. On the other hand, POAP NFTs provide us with a brand-new way of preserving our experience digitally, keeping it as fresh over the years as new.
4. Brand Loyalty
Lastly, since there is no significant monetary value generation that comes from owning NFTs. However, they sure can be used to prove your loyalty to a brand. For example, as we mentioned in the first use case, the more NFTs you own, the higher is your brand loyalty. Often this brand loyalty may offer you rewards and handsome discounts on the services.
How to Claim Your POAP NFTs?
Setting up your POAP account and claiming them is very easy. Here are some simple steps to do that.
- Download the POAP app on your mobile phone. The POAP app is available for both Android and iOS users.
- Secondly, log in to your account. There are three ways to do it, that is, ENS name, ETH address, and email address. Once you are logged in, set your account as the main account.
- Now to claim your NFT, you have to tap on the Mint button and select one of the options, that is, Scan QR, Enter Code, or Secret Word. that’s it. Your NFT will be minted automatically.
The most striking feature of POAP NFTs is that you actually mint an NFT without paying any gas fee or doing necessary yet unnecessary purchases. How cool is that! Isn’t it?
Can You Sell a POAP NFT?
Yes, you can sell POAP NFTs just like you buy and sell other NFTs on different marketplaces. However, it should be noted here that these NFTs are meant to prove the attendance of a person at a physical or virtual event. This means that the person can keep it as a memory but they won’t earn many profits by selling them on NFT marketplaces as there is no use for them for other buyers. This is unless the POAP NFTs belong to an event that has gone out of service now. Then the NFT can act as a token of remembrance just like ancient paintings and old coins.
While POAP NFTs are still new to the world, there are several projects to make them a lot more accessible and practical than ever. Owning a POAP NFT can be a fun way to preserve the memories and personal experiences of an event, they may not hold any monetary value if we consider short-term use for the NFTs. However, in case the NFTs represent the attendance to an event that is no longer held, the POAP NFTs can hold a significant value. But of course, that is going to take at least 10-15 years. So invest wisely!
A passionate writer, seasonal poet, and feminist, I am trying to wrap my head around all the topics under the sky. You can often see me talking about crypto, social issues, traveling across the globe, how I am trying to change the world, and how you can be my ally!