preamble
On January 19th, POAP inc announced the completion of 10 million US dollars in financing. What exactly does POAP do? Why can so much money be harvested?
First of all, let me explain what POAP is. POAP is the abbreviation of Proof Of Attendance Protocol (Proof Of Attendance Protocol), which is an identity-proof NFT protocol. Visit the POAP official website to see an introduction to yourself:
The general idea is that POAP is a digital collection, a traceable "voucher" for NFT badges produced and distributed to participants by the issue organizer to commemorate some important moments. The simplest example is star chasing. For each concert of this star, different "POAP" badges will be distributed as tickets or souvenirs. The more different badges you have, the more you participate in the activities organized by this star, the number one fan .
POAP is more like a personal behavior record library on the chain (the police can find out where you have opened a house in a rough understanding), whether you have participated in community meetings, activities, or online and offline exhibitions, you can receive one on POAP Badges serve as a sure sign of behavior.
Of course not all POAPs are the same, the classification of POAPs:
Collectibles - exclusive use of the holder (private use);
Rewards - holders receive benefits for owning them (private/public use);
Endorsement - proof of holder participation (public use)
1. Official Information
Official website address: POAP - Homepage
Twitter: https://twitter.com/poapxyz
Discord：https://discord.com/invite/9s8U8Bn
Telegram：https://t.me/poapxyz
Github：https://github.com/poap-xyz
2. Application information
Of course, POAP is not only used as a "badge", but also includes many other tools, including support voting, sweepstakes competition mechanism and private chat verification technology, the following is what POAP is currently doing:
1. POAP protocol
Record minted at 0x22c1f6050e56d2876009903609a2cc3fef83b415 using the POAP protocol and according to the POAP smart contract;
2、POAP.art
A website that allows for collaborative painting on a shared canvas and provides painting access based on POAP held in the wallet;
3、POAP.delivery
Tool to whitelist some Ethereum wallet addresses to mint specific POAP;
4、POAP.fun
A tool that anyone can use to create a lottery , only available to holders of specific POAPs;
5、POAP.gallery
A tool to view statistics of all public POAP drops;
6、POAP.vote
Anyone can use the tool to create polls, outreach surveys, proposals and universal votes targeting specific POAP holders;
7、POAP.website
A tool for distributing POAPs via custom URLs (generate QR codes)
POAP was initially minted on the Ethereum mainnet. After October 2020, POAP was migrated to the Ethereum sidechain xDAI to create and issue (Ethereum’s Gas fee is expensive, and the POAP team moved to Sidechain xDAI), of course, if users are willing to spend Gas, POAP can also be migrated from xDAI to Ethereum. Migrating POAP will not transfer POAP to another wallet address. Just move POAP between networks within existing wallet addresses.
For example: in order to sell POAP on OpenSea, POAP needs to be migrated from the xDai network to the Ethereum mainnet. Ethereum co-founder Vitalik Buterin hinted that they could be hosted on optimistic rollups in the future.
All POAPs are NFTs created using the ERC-721 standard. For such an NFT to be classified as a POAP, a specific set of criteria needs to be met.
1. Must be minted through the official POAP smart contract
2. Data information related to a specific time or date is required, up to one year
3. All POAPs must have an original image associated with them
3. Team information
Founder: Patricio Worthalter
Twitter: https://twitter.com/worthhalter
Founder: Gonzalo Sainz Trápaga
Twitter: https://twitter.com/gomox_ar
Founder: Daniel Fernández
Twitter: https://twitter.com/dmf7z
Founder: reneil
Twitter: https://twitter.com/reneil1337
4. Other basic information
Whether to issue a pass: not issued
FUNDING INFO: Raised $10 million in seed round led by Archetype and Sapphire Sport, with participation from Sound Ventures, The Chernin Group and Advancit Capital, Collab Currency, 1KX, Libertus Capital, Red Beard Ventures, 6th Man Ventures , Delphi Digital and A Capital
5. Personal Analysis
1. Project positioning
The "identity symbol" of the blockchain, the "label" of the metaverse
Since the establishment of the project, the use of POAP has gradually increased. The wide use and low threshold of POAP has the ability to help users reshape their identities in cryptocurrency. Compared to various character DAOs compared recently, POAP is quite reasonable and can usually be claimed for free (except gas)
2. Advantages and risks
Advantage:
Belonging to the veteran leading product in this field, the platform has a large number of users, it is cheap, easy to use, and has a variety of product functions
risk:
In October 2021, the app was inundated with "POAP farmers" (accounts collecting POAP NFT badges without actually participating in the event) and a DDoS attack on the POAP website;
In December 2021, POAP officially discovered a loophole in the smart contract, but it did not cause asset loss. Currently, the transfer of POAP to the Ethereum mainnet has been suspended. Currently fixed
At present, there are too many micro chapters on the POAP platform, which need further planning or governance. Moreover, robots are flying all over the sky at present, and the interests of real users cannot be guaranteed
3. Comprehensive analysis
Personally, I am optimistic about POAP, and even think that POAP will have a currency issuance initiative. POAP was originally a non-profit community project launched during the ETHDenver Hackathon in 2019. The team's expenses are all at their own expense and donations. So far, it has raised 10 million US dollars, which is the market's affirmation of POAP. But after financing, how to make the team operate more efficiently and give POAP more practical effects, shine in the WEB3 track, and continue to pay attention to the latest developments of the project
4. Operation suggestions
Follow POAP's official Twitter or go to the website POAP - Delivery ✈️ to view some ongoing events, then go to the organizer's official community to register for participation, and then receive the corresponding POAP
If you have more ideas, you can contact us through the following
Twitter: https://twitter.com/MetaMGamesGuild