🖼️ A new kind of NFT

Happy Monday Anon! Today we're discussing a new kind of NFT that can change events and communities for the better. Estimated read time: 1.13 minutes.

One of the biggest things to come out of NFT NYC besides hangovers is the utilization of tokens as keys to events. Why It Matters: Token-gating, as it is called, is a sign that NFTs are starting to become more than degens sitting in a Discord server, pumping the value of their animal jpegs. Between The Lines: Almost every event at NFT NYC used token gating to admit their users signaling adoption. How It Works: Before an event occurs, users are given a POAP (like a ticket) NFT and a bouncer verifies them at the door. Users can keep the NFT as a keepsake; a record of where they have been like internet post cards.How POAP Works: POAP stands for Proof-of-Attendance Protocol, in most cases after an event occurs, users are given badges. SushiSwap has used them in the past to award users who showed up to community calls; they award users for being active contributors.

The POAP above is humorous and an internet post card.

The investment: You can't invest in POAPS; they're not investable which means you can't buy them. However, a Web3 community that utilizes them is a bullish signal, and I would consider investing in a community that utilizes them.

Where I see things going: I see POAPS being widely adopted in the NFT community and even outside of it as a non video game version of achievements to reward users and eventually use them as keys to access physical locations.

The Bottom Line: NFTs are evolving away from JPEGs to keys and creating possibilities nobody could have imagined a year ago.