Web3 obtains $10 million in funding to mint shared memories as NFTs
- ByStartupStory | January 20, 2022
What type of history do we want to engrave on blockchains if they are immutable recordings of our digital past? Most records have been transaction data thus far, but as entrepreneurs increase their objectives for NFTs, businesses are attempting to link asset transactions to real-world events and interactions.
POAP, which stands for Proof Of Attendance Protocol, aims to expand on the idea of using NFTs to form online communities by developing a protocol that aids in the development of more active communities and recognises individual engagement, similar to that of attending an event. POAP is arranged around badges, which serve as a visual representation of the protocol. A user might scan a QR code in the real world to acquire an NFT souvenir that would allow them to join an online community and earn them future drops.
The startup revealed this week that it has secured $10 million in a seed round headed by Archetype and Sapphire Sport, with Sound Ventures, The Chernin Group, and Advancit Capital also participating. Collab Currency, 1KX, Libertus Capital, Red Beard Ventures, 6th Man Ventures, Delphi Digital, and A Capital are among the crypto native funds that have invested.
In 2021, POAP faced several difficulties as the NFT community grew, and the amount of users wanting to use their platform grew, resulting in an avalanche of spam that slowed the platform to a halt. The business wants to utilise its new capital to invest on its application and platform layers, according to a blog post.
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