Poaps are a big deal

• 4 min read
Poaps are a big deal

This week, Poap hit 200,000+ holders. Poaps are NFTs that can be claimed by participating in an event, for example, attending a concert or contributing code to an open-source project. Here are 5 key insights 👇

[1/5] August was the biggest month ever for Poap mints with 327k minted; 1.7k on Ethereum mainnet and 325k on xDai. Popular claims included the Fractional Art Early Adopter Poap, Stoner Cats Holder Poap, and SushiSwap 1st Birthday Poap.


[2/5] The average Poap holding Ethereum wallet owns two of them, and the average Poap holding xDai wallet owns five.


[3/5] There is a growing segment of Poap power hodlers who own 10+ Poaps. Today there are 13.3k total Poap power holders (xDai and Ethereum Mainnet), which is 20X the power hodler base in January.


[4/5] The Poap with the highest quantity of claims is the Guild of Guardians Poap, with 28k Poaps claimed by early community members.

The second most popular Poap is the International Sushi Day Poap, with 22.5k claimed.


[5/5] The first Poaps were minted in February 2019 at ETHDenver, and the project migrated to the contract it currently uses in May 2019.


Poaps are interesting because they can be a great tool for identifying and rewarding community members who have contributed the most, as opposed to current web3 models that give the majority of voting power, user rewards etc., to the whales who could afford to purchase the most tokens or NFTs.

For example, a DAO could decide to weigh votes on treasury spending proposals with more power going to wallets that hold multiple DAO poaps (Poaps for contributing to the codebase, attending IRL community events, being active in town hall calls, .etc.) instead of weighting voting power according to who holds the most DAO tokens. Poap already has native integrations with Snapshot for DAO governance.

Designing systems that reward those who add value is key to building a fair and decentralised metaverse, and Poaps are a great tool for delivering that vision.


Disclaimer: The term 'holders' is used to refer to unique wallets.


Bonus: As an early NiftyTable newsletter subscriber, you can claim a NiftyTable Poap using the link I've emailed to you!

The first reward I have planned for early subscribers is a raffle for $500 worth of ETH. Next Thursday, a winner will be randomly chosen from the wallets that hold a NiftyTable Poap. If you're eligible, make sure to claim yours before that day!

POAP.fun
The Bookmarks of your life. With POAP.fun you can join (and create!) exciting raffles. The more POAPs, the higher the chances of winning

Bonus 2: Everyone who held a Bored Ape, a Pudgy Penguin or a Stoner cat around August 28th can claim a special POAP from poap.delivery that is eligible for Stoner Cat Community raffle. Prizes are a Stoner Cat NFT and Rare Poap Swag ⚡

POAP.fun
The Bookmarks of your life. With POAP.fun you can join (and create!) exciting raffles. The more POAPs, the higher the chances of winning

Note: Poaps can be many things: a proof-of-work, a commemorative badge, a qualification. But they are NOT a speculative asset.

Don't sell your Poaps.

(1) That's not the point.

(2) You won't make money.

Keep them as a record of your web3 journey.


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Video of the Week

^The Economics Explained Youtube channel has a fascinating series on the EVE Online multi-million dollar in-game economy. Start here with Part 1.

This is recommended watching for anybody interested in or building NFT games. There are tons of lessons to be learnt on DAO coordination, tokenomics, bots, in-game recessions and much more. Lots of the challenges NFT games will face have already been encountered in the MMO world. If this is a field you find interesting, it makes sense to read up on the history and "stand on the shoulders of giants".


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