The Crypto World’s Digital Scrapbook Shuts Down: Giant Behind 7.6 Million NFTs Announces Farewell
Proof of Attendance Protocol (POAP), known as the digital scrapbook of the crypto world, has announced its decision to cease operations after more than five years.
POAP, one of the industry’s most established and culturally influential projects, is shutting down after providing digital badges that offer proof of participation in events to millions of users. The announcement by co-founder Isabel Gonzalez was met with great sadness in the crypto community, highlighting that the project has been actively used by global giants such as Coinbase, American Express, WMG, and Bayer.
The platform, preferred by more than 46,210 institutions in total, has enabled the production of approximately 7.6 million NFTs to date. This protocol, which immortalized major events on the blockchain—most notably Ethereum’s historic milestone, The Merge—had become an integral part of crypto culture. However, Gonzalez stated that current market conditions and funding cycles made it impossible to build a sustainable corporate structure without compromising the project’s soul.
Sustainability Crisis in Crypto Culture
POAP‘s farewell mirrors the challenges recently faced by projects such as Leap Wallet, Zapper, and even BitMEX. Gonzalez stated that the financing dynamics and distribution models in the crypto world made it difficult for the project to grow while maintaining its original value. This situation has once again raised the question of how cultural projects in the Web3 ecosystem can survive economically.
Although the platform is ceasing operations, existing NFTs in users’ wallets will remain on the blockchain and continue to be tradable. Gonzalez argued that communities are the most valuable asset a company can have, asserting that projects with a soul will be carried everywhere by their users. This farewell serves as an important lesson for the industry regarding the future of digital memories and the longevity of community-focused brands.