POAP, the leading NFT attendance badge service, has announced that it will begin charging commercial clients for access to its services, bringing an end to its longstanding policy of offering unlimited POAP minting for free to all users. The company cited the need for long-term sustainability as the reason for this change.
POAP, which stands for Proof of Attendance Protocol, is an Ethereum-based app that helps event organizers give out attendance badges in the form of NFTs. These badges, known as POAPs, can be used to show proof of attendance at a physical or virtual event and can unlock a variety of benefits and experiences post-mint, including access to group chats, discounts, and ticketing for future events.
POAP has raised $10 million in a seed funding round to further its development, and over 6.5 million POAPs have been minted since it launched in 2019. However, starting from April 17, commercial clients will be subject to charges based on the number of POAPs they issue, with prices expected to converge around $1 per POAP issued.
We did a thing !one!1! 🤭🤩🏅https://t.co/dIu6jCZiMo
— POAP – Bookmarks of your life (@poapxyz) January 18, 2022
POAPs will remain free for personal use, with only companies and individuals who distribute POAPs at commercial events subject to charges. Current commercial users will be able to opt into special pricing at one quarter of the cost for an unspecified period of time.
POAP‘s co-founder, Isabel Gonzalez, has stated that certain ventures that further POAP’s artistic and creative mandate may continue to be subsidized by the company on a case-by-case basis. Gonzalez emphasized that the company values the creation of true precious digital collectibles more than profit.
Determining whether an event or project is personal or commercial in Web3 can be challenging. POAP has released detailed guidelines outlining the differences between a personal and commercial event, with events requiring large amounts of POAPs most likely to be considered commercial ventures.
Gonzalez hopes that this move will encourage POAP users to consider the best applications for its services and cement the company’s staying power. The evolution of POAP’s services will expand the range of possibilities for how POAP can be used sustainably, in part by giving issuers tools to align their plans with POAP’s mission of creating precious digital collectibles.