The Proof of Attendance Protocol (POAP) platform, known for its $NFT badges for event participation, has announced a complete shutdown after more than five years of operation. This was announced by the project's co-founder, Isabel González.
POAP launched in 2019 at ETHDenver, where the first approximately 100 badges were issued for hackathon participants. Over time, the project grew into a large-scale platform for preserving digital memories: event organizers, from small crypto communities to large corporations, could issue unique digital badges in the $NFT format.
These badges used the ERC-721 $NFT standard and were initially issued on the Ethereum network. Later, they were migrated to Gnosis Chain, which significantly reduced transaction costs. In total, over 46,000 issuers released nearly 7.6 million badges. Users of the service included Coinbase, American Express, Warner Music Group, and Bayer.
Despite substantial support and popularity, the protocol was unable to build a sustainable business model. As early as March, POAP transitioned to maintenance mode: active development ceased, and no new issuers were onboarded. In an official statement, co-founder Isabel González noted that it was difficult to create a viable company without compromising POAP's original principles.
The shutdown will affect all of the platform's services: issuing new badges has been halted, and access to already issued $NFTs through the gallery and applications may be limited in the future. However, the tokens themselves will remain on the blockchain and will be tied to their owners' wallet addresses. The closure serves as another example where a strong community and cultural influence cannot guarantee the financial sustainability of a Web3 project.
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