Web3 Startup Raises $10 Million In Funding To Mint Shared Memories As NFTs
Web3 startup raises $10 million in funding to mint shared memories as NFTs
As irreversible records of our digital history, what kind of history do we want to encrypt on blockchains is a question worth asking. The majority of records have been transactional in nature up until now; however, as entrepreneurs pursue greater ambitions for NFTs, startups are attempting to link asset transactions to real-world events and interactions.
By developing a protocol that assists in the development of more active communities and recognizes individual participation in events, the POAP project, which stands for Proof Of Attendance Protocol, hopes to delve deeper into the idea of using NFTs to build internet communities. POAP is organized around badges, which serve as a visual representation of the protocol's rules and regulations. When a user scans a QR code in the real world, they will be given an NFT memento that will grant them access to an online community, as well as access to future drops.
There are numerous examples of this functionality in other Ethereum projects, which is made possible by some of the blockchain's underlying features that allow developers to create "snapshots" of active wallets that are linked to the project at a given time. The POAP ecosystem also includes a number of other tools, such as polling powered by Ethereum, raffle contest mechanics, and private chat verification technology, among other things.
Archetype and Sapphire Sport led a $10 million seed round in which the startup participated, with participation from Sound Ventures, The Chernin Group, and Advancit Capital also taking part. Many crypto-native funds, including Collab Currency, 1KX, Libertus Capital, Red Beard Ventures, 6th Man Ventures, Delphi Digital, and A Capital, also made investments in the company, as did other investors.
POAP ran into difficulties in 2021 as the NFT community grew and the number of people attempting to access their platform increased dramatically, resulting in an overwhelming influx of spam that brought the platform to a grinding halt and forced the closure of the platform. In a blog post, the company stated that it intends to use the new funding to make investments in its application and platform layers, respectively.
