Welcome to episode 21 of Understanding Crypto, the podcast where James Burtt and Paul Abercrombie demystify the world of Web 3.0 and cryptocurrency, as well as what it means for you and your business. In this episode James and Paul define and describe proof of attendance protocols (POAPs), and how they are changing the game in the crypto world.

 

What is a POAP?

A POAP is basically an NFT, Paul claims. “Creating an NFT is difficult,” he says, “you’ve got to have a degree in a foreign language to be able to work it out.” In addition, it requires lots of boxes - such as time and money - to be ticked off to create an NFT that isn’t even guaranteed to be successful. POAP is a big step towards making NFTs more accessible. Paul goes on to talk about how POAPs are reducing the transaction costs of creating NFTs. “It removes one barrier to entry… to some extent, but effectively allows you to, within a few clicks, upload an image and create an NFT as a badge, which is a collectible of you attending an event.” These collectibles would have real world uses, and where you would have had to jump through hoops to make them before, POAPs are changing the game.  [Listen from 1:57]

 

POAP Platform

It’s a strong marketing strategy for people to have your details, or own your NFT, because they now have a direct connection to you. You would then be able to AirDrop stuff in their wallets that has future value, and communicate with them in a way that you create additional value. The POAP platform is making even this easier, however, by erasing the need for creating a wallet - you can just give out a QR code in an event that people can scan, which takes them to the POAP ecosystem. Paul and James discuss the way POAP is paving a painless and uncomplicated path to bringing more people into crypto, and its various uses. [Listen from 5:26]

 

Paul describes how the POAP app works. Guests would receive the QR code that would download the POAP mobile app and give them a unique NFT they can claim and mint right there - furthermore, they would also be given gate access for that NFT. “A lot of gating systems are now recognizing POAPs, so this is essential,” Paul suggests. Secondary marketplaces are also doing this, so you can list your POAP there as well. [Listen from 9:22]

 

Waves of Change

POAP is a clever development, and though it won’t make you millions as an NFT launch would, it galvanizes certain elements of a community and unlocks that “next level of something” for certain people to take the step into the Web 3.0 world. “It further validates our point,” James adds, “that a lot of the big waves of change you're going to see are going to come from [a] hybrid [of Web 2.0 and Web 3.0].” It uses the blockchain at its simplest form so that it gives people a taste of what they’re getting into.  [Listen from 14:05]

 

Key Takeaways

• POAP is a big step towards making NFTs more accessible - by reducing the transaction costs of creating NFTs, it removes one barrier to entry into the crypto world to an extent.
• Many gating systems and secondary marketplaces are now recognizing POAPs, so it’s essential to take advantage of them.
• The big waves of change in the crypto world is going to come from a hybrid of Web 2.0 and Web 3.0.

 

Resources

James Burtt on Twitter | LinkedIn | Instagram | Clubhouse

Paul Abercrombie on Website | Twitter | LinkedIn | Instagram