Welcome to the world of POAPs! Whether you have a POAP and want to know more about it, or you’ve seen POAPs in other wallets, we’re here to break down all the information on what POAPs are and what makes them so interesting!
What are POAPs?
Coming from https://poap.xyz/ directly, “POAPs are digital mementos, minted in celebration of life's remarkable moments. Each POAP is a gift from an issuer to collectors, in celebration of a special shared memory. By minting these memories to the blockchain, collectors build a rich tapestry of tokenized experiences which unlock a world of possibilities.”
POAPs or "Proof of Attendance Protocol," allows the creation and storage of memories by POAP issuers and POAP collectors. First created for the Ethereum blockchain, POAPs have since migrated to Gnosis chain (formally known as xDai), an Ethereum side chain, to lower transaction costs.
As collectibles, POAPs are NFTs that are given to collectors as digital proof that they attended, or participated in, a physical, virtual, or spiritual event. Some POAPs can also benefit its collector for potential future utility.
How do POAPs work?
POAPs are similar to the NFTs you know and love 🫂 As with all NFTs, each POAP is completely unique, or non-fungible. But, because you cannot attend the same event more than once at a time, you can only mint one POAP per event for any given wallet address.
Where POAPS differ from NFTs is that they are completely free for both creators and collectors. This is because there are no gas fees involved!
Why collect POAPs on Rainbow?
With our showcase and display, Rainbow uniquely keeps your POAPs right alongside your mainnet assets. We understand that commemorating events can be incredible, and meaningful, and we’re dedicated to keeping that value at the core.