What is POAP?

POAP, short for the Proof of Attendance Protocol, offers a unique way to mint "memories" on the blockchain. It finds application not only in physical gatherings, such as crypto events but also in the virtual realm, where shared moments come to life. POAP is the go-to choice when capturing collective experiences, whether it's attending events, connecting with others, or commemorating milestones. Discover a POAP collection here.

Since its inception, POAP has experienced exponential growth, with a peak of 744,000 mints and 244,000 monthly users in September 2021. Notably, November 2nd marked the day with the highest POAP mints, closely associated with the NFTNYC 2021 event. However, following these exceptional months, both the number of users and mints have exhibited a steady decline.

We derive the Probability Mass Function from our data by summing the number of users with a specific quantity of POAPs and dividing it by the total number of users.

• Here, we observe that approximately 63% of users, roughly 756,000 individuals, have used the application only once. This statistic underscores the challenge of retaining users to continue collecting POAPs.

• Additionally, there exists a group of passionate enthusiasts—devoted POAP collectors with over 10 tokens each, representing approximately 8.5% of the user base.

Table featuring the top 100 POAP collectors, identified by their ENS names or addresses and the amount of POAPs minted in the last 30 days.

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Final Thoughts

Technically speaking, a POAP is minted when the mintToken function is called on the Proof of Attendance Protocol Contract on the Gnosis chain. This function requires the eventId and address as parameters. It's important to note that the images associated with POAPs are not stored on the blockchain.

It appears that the application is facing challenges in retaining users (those who mint more than one POAP) and acquiring new users. Recently, while participating in an in-real-life (IRL) event, I noticed a decline in its popularity. There were fewer people sharing their POAPs compared to previous years, and some seemed reluctant to acquire them. Of course, there were still those who enthusiastically offered their POAPs. Interestingly, I heard that some prefer "real" POAPs, like stickers or funny pictures from encounters with others.