POAP Protocol Ceases Operations After Issuing 7.6 Million NFT Badges
The Proof of Attendance Protocol (POAP), known for issuing NFT badges for event participation, has announced a complete shutdown after over five years of operation, as stated by co-founder Isabel Gonzalez.
Launched in 2019 at ETHDenver with about 100 badges for hackathon participants, POAP grew into a major platform for preserving digital memories. Event organizers from small crypto communities to large corporations could mint unique digital badges as NFTs using the ERC-721 standard. Initially on Ethereum, the badges later migrated to Gnosis Chain to reduce transaction costs. Over 46,000 issuers created nearly 7.6 million badges, with users including Coinbase, American Express, Warner Music Group, and Bayer.
Despite significant support and popularity, the protocol failed to establish a sustainable business model. Active development ceased and new issuer onboarding stopped when POAP entered maintenance mode in March. Gonzalez stated it was difficult to build a viable company without compromising POAP's original principles.
All platform services are now shutting down. New badge issuance has halted, and future access to already-minted NFTs through the gallery and apps may be limited. However, the tokens themselves will remain on the blockchain, tied to owners' wallet addresses. The closure serves as another example of how strong community and cultural impact do not guarantee financial sustainability for a Web3 project.
cryptonews.ru2 gün önce 15:02
