The first time I heard “POAP” Jorge Mario Bergoglio aka “Pope Francis” came to my mind and guess what? It might sound similar depending on who is pronouncing it, but it is quite different.
What is a POAP?
POAP stands for Proof of Attention Protocol, it is a protocol used on the blockchain that rewards users, supporters, fans, participants… for their attention or engagement during an event (online or IRL) through a unique NFT. A POAP is usually created for a unique event or experience, as the core idea is to collect souvenirs from events we would participate in such as concert tickets, soccer games, hackathon, conferences…
Why POAPs are interesting for the participants ?
We all know someone who keeps a multitude of small souvenirs from a specific event in a box. We all know how hard it is to throw away your first Champions League ticket or convince your partner to keep old stuffs that you value for the memory associated to it… well, with POAPs you could store them for free for your entire life within a digital wallet. It is a simple way to collect souvenirs, to own them and to check them from time to time.
It is possible to sell POAPs on marketplaces as they are NFTs even if this is not the main objective of it, but a lot of people are enjoying collecting stuffs, so why not?
Why POAPs are interesting for the brands ?
POAPs can give the ability for brands to create rewarding systems based on the attention and engagement of their community members in a new way.
For example, based on a specific amount of POAPs or a type of POAPS held by someone, brands can decide to unlock rewards such as airdrops, access to exclusive content or product… the idea is to provide incentives to their community and build a more personal and immersive brand experience, this will likely result on a higher retention and loyalty from the community.
Why POAPs a good entry for Web3?
POAPs are free, there is not this barrier to buy crypto or to use your credit card to get yours. It is a nice and easy way to get into the crypto-world, to start owning NFTs. The fact that their value is quite simple to understand could help the adoption and raise curiosity of non “web3” users.
This is a first overview of POAPs to give you the first notions of this promising tool for brands. It has the power to bring people into the web3 ecosystem in a very cool way, as innovation will keep flourishing for those NFTs.
Thanks for reading me, within the following weeks, I will share with you a post sharing POAPs use cases.