The Biggest NFT Rug Pulls of All Time

Rug pulls have made headlines since the 2021 NFT boom, with investors losing over $25 billion as of November 2022. These headlines have sparked fear among investors, who are now skeptical when it comes to new NFT projects.

The likelihood of a rug pull, or a scam in which a cryptocurrency or NFT team exits a project along with its investors’ funds with them, seems to be increasingly greater.

In this article, we’ll cover the seven biggest NFT rug pulls of all time ranked by the amount of money stolen from investors. 

Iconics- $140,000

Iconics was a Solana-based NFT project consisting of 8000 unique pieces of 3D artwork. It was created by an unknown 17-year-old 3D digital artist who promised unique 3D images to investors. Fourteen initial samples were showcased through the project’s Discord channel, which created the demand for more.

The project started with a pre-sale of 2000 items at 0.5 SOL; however, investors didn’t get what they paid for. Instead of 3D art, they received a random collection of emojis. After the sale, the project’s Discord went offline, and its official Twitter disappeared. 

Blockchain data showed that the scammer had around 1000 SOL at the time, which equaled around $140,000. Investors never got their money back. 

Mercenary- $750,000

Mercenary was a medieval Play-and-Earn game where players could recruit a team of mercenaries to fight for MGOLD. The game was promoted on sites like thebittimes.com and BSC news, where it was praised for its innovative mechanics and unique gameplay. 

Unfortunately, the game ended up being a rug pull. 

After building a loyal group of players, a new Twitter handle known as the Mercenary Golg Community claimed that the Twitter and Telegram groups had been hacked. Within 24 hours of this post, everything connected to the project was wiped entirely, with only a few Twitter promotions remaining. 

It’s estimated that the team stole around $760k of investors’ funds. 

Frosties NFT – $1,300,000

Frosties was the first big NFT rug pull of 2022, and one that shocked the NFT community. It started with a huge marketing campaign, advertising 8,888 cartoon ice cream NFTs. The project was one of the fastest to ever sell out, with the team making an estimated $1.3 million in the process. 

The team had promised investors unique staking features, a metaverse game, mint passes, and other long-term benefits. However, shortly after release, the Frosties social media channels, Discord servers, and website all disappeared. The project was completely shut down, and the project team disappeared. 

Fortunately, rumors have stated that the creators were caught and charged with one count of wire fraud. Although the investors didn’t get their money back, the devs were punished for their scam. 

Swipathefox – $1,500,000

Swipathefox was an NFT project created by NBA basketball player De’Aaron Fox, consisting of 6000 unique fox-themed NFTs. Fox promised investors exclusive NFT ownership perks, including giveaways, tickets, and exclusive chats with Fox himself. 

Unfortunately, the project never bore fruit, with Fox stating that he didn’t have the time to work on it during the middle of the NBA season. In an interview, Fox said that he would be working on the collection in the future. However, he had to focus on his NBA career at that time. 

As of November 2022, action has yet to be taken on the project, and investors have claimed they never got their money back. 

Though not entirely a “rug pull” in nature, this one is in the “TBD” category.

Baller Ape Club – $2,000,000

Baller Ape Club looked like a legit NFT project when it was first released. Inspired by Bored Ape Yacht Club (BAYC,) it had a complete development team, a dedicated community, and plenty of investors supporting the project. The collection consisted of 5,000 NFTs that sold for a price of 2 SOL each. 

After the public mint, the dev team rugged the project. They deleted all socials and stole around $2 million of investor funds. However, the US Department of Justice (DOJ) has since taken the project’s founder to court. 

Le Anh Traun, a Vietnamese national, has been charged with conspiracy to commit wire fraud and international money laundering. Traun could face up to 40 years in prison as a result. 

Evolved Apes – $2.7 million

Evolved Apes was an NFT collection of 10,000 apes that would battle one another to win rewards. To attract investors, the founder, known as “Evil Ape,” created competitions in which investors could win NFTs and other rewards. However, once the project sold out, Evil Ape disappeared and deleted all accounts associated with the project. 

In total, $2.7 million was stolen, including funds that should have gone to the development team, marketing department, and artists. None of the competition winners were ever awarded their prizes, and the teams were never paid for their work. 

Evil Ape was never found.

Bored Bunny- $21 million

Bored Bunny was one of the biggest NFT projects of 2022 and gained celebrity endorsements from French Montana, Jake Paul, and Floyd Mayweather. The 4,999 NFTs sold out in hours, minting for 0.4 ETH. 

However, very quickly, in-house sources suggested that the founder was simply looking to steal investors’ money. Before launch, a dev wallet bought celebrity NFTs for additional profits, and after the initial launch, a second collection known as Bored Bad Bunny NFTs went on sale. 

After the second collection sold out, the floor price dramatically dropped, and the dev team went missing, stealing $21 million in the process. 

If this wasn’t bad enough, the remaining team released a third collection known as Bored Mutant Bunny, consisting of 3,000 NFTs selling for 0.25ETH. By this time, investors had realized the project was a scam, and it failed to sell. 

Final Thoughts: Rugpulls and Mass NFT Adoption?

Rugpulls pose a threat to mass NFT adoption. With NFT scams consistently making headlines, many investors are forgetting the practical benefits of NFTs.

Without an adequate solution addressing the disparate set of NFT exchanges lacking authentication tools, we’ll unfortunately probably see more rug pulls occur– this is why it’s incredibly important to do your research and not YOLO into unverified projects.

However, the NFT market continues to grow despite rugpulls and the negative press surrounding rugpulls. We shouldn’t let the high-flying conquests of a few malicious bad actors blind us to the good work many NFT collections are doing– even if it’s just bringing a community of like-minded crypto-savvy people together.

Doodles NFTs Explained (Read Before Buying)

Doodles is a collection of 10,000 PFP (profile-picture) NFTs featuring art by Burnt Toast. Burnt Toast is the artist name of Scott Martin, a Canadian–based illustrator, designer, animator, and muralist.

Minted on October 17th, 2021, Doodles come in a wide range of colors, sizes, and traits, with each owner having the right to vote for experiences paid for by the Doodles Community Treasury. 

Since its release, Doodles has become one of the most successful NFT collections worldwide, with a sales volume of 150,000 ETH and a current floor price of 7.95 ETH ($10,235.) 

Doodle’s vision is to revolutionize media and entertainment through Web 3, impacting industries such as gaming, music, and real-life events through Doodle NFT avatars. 

This article will cover what Doodles are, how Doodles work, the founding of the Doodles, and the project’s future. 

What are Doodles?

Doodles is a colorful hand-drawn collection of 10,000 NFTs designed by Burnt Toast. 

Each NFT represents a playful character showcasing unique animal costumes, hairstyles, and accessories such as sunglasses. The collection includes non-human characters, including apes, skeletons, cats, and pickles.

In total, there are 100 different traits that influence the rarity and price of each NFT.

The rarest traits include devil horns (0.43%), 60’s sunglasses (0.22%), and a Holographic space background which belongs to only one Doodle.

On September 13th, 2022, Doodle raised $54 million at a funding round led by Seven Seven Six, with a valuation of $704 million. Despite being valued amongst projects like Bored Ape Yacht Club and CryptoPunks, the Doodles NFT price stayed the same. 

However, the funding has provided Doodles with the financial leverage they need to expand their project. According to the team, the funds will be used to “acquire a world-class team of engineers, creatives, marketers, and business executives.” It will also be used to promote the project, influence other areas of DeFi, and fund Doodles 2, which we’ll cover later in this article. 

How Do Doodles Work?

Doodles is a community-driven project launched to “bring joy to everyone who sees them.” Since its initial release, the project has released additional NFT collections, sold Doodles merchandise (though this is currently only hold), and held live events, all exclusive to Doodle holders. 

Holders have power over how the Doodles Community Treasury is used. Known as the Doodlebank, holders can vote on campaigns and experiences for the community. They can also submit proposals that are voted on by the community and implemented by the team. Each holder gets one vote per Doodle they hold. 

When a Doodle is sold on OpenSea, half of the 5% royalty fee is deposited into the treasury. This is then used to scale the Doodles development team and grow the brand through marketing efforts and promotions. 

On February 28th, 2022, Doodles released a second NFT project, Space Doodles. Space Doodles were designed as free companion NFTs for existing Doodle holders. To claim their NFT, holders could launch their own personal spaceship to claim their Space Doodle. 

To avoid diluting the supply, Doodles used wrapped NFTs. A process in which the original NFT would be stored in a digital vault when a smart contract was used to create a Space Doodle. This meant holders could own either a Doodle or Space Doodle and not both at the same time. Space Doodles can be unwrapped at any time to receive their original Doodle NFT. 

The dev team has stated that Space Doodles will be used in future Doodles experiences such as NFT gaming, music, and other “universe expansions.”

Who Founded Doodles?

Doodles was founded by Scott Martin and former Dapper Labs employees Evan Keast and Jordan Castro.

Scott Martin, also known as Burnt Toast, is the artist behind the project, with prior experience as a designer, animator, and muralist. Previously, he worked with brands such as Google, Dropbox, and Adobe. 

Evan Keast, also known as Tulip, helped develop the project’s branding. Before Doodles, he worked at Dapper Labs, where he helped market the blockchain game CryptoKitties. 

Jordan Castro, known as Poopie, works on the product side of Doodles and previously worked with Evan on CryptoKitties. 

The team has since expanded, recruiting former Billboard President Julian Holguin as partner and CEO. Julian is helping the team move into the gaming, music, and consumer goods market. They’ve also brought on Pharrell Williams, American rapper, singer, songwriter, and record producer, as the project’s chief brand officer. His job includes product music projects, animated films, and project launches. 

The Future of Doodles

Having already made headlines, the Doodles team has big goals for the project with the release of Doodles 2.

The team plans to attract a greater audience with Doodles 2, allowing more NFT enthusiasts to get involved in the project. Rumors suggest Doodles 2 will be created on a different blockchain and will be released this year; however, there’s no exact date or blockchain in place. 

Unlike most NFT projects, Doodles 2 is giving investors the chance to customize their NFTs by choosing traits like hair color and skin tone, then adding different accessories and wearables. Once owned, holders can change their look, swapping between PFP perspectives and full-body options, as well as unlock animated versions of their NFTs with music. 

Doodles 2 will also introduce the Doodles Genesis Box. The Doodles Genesis Box will hold a range of first-edition wearables that can be sent to Doodles 2. This collection will feature 24,000 boxes and will launch via what Doodles have called a Bucket Auction. 

Final Thoughts: Are Doodles Worth The Investment?

Doodles is considered one of the most exciting NFT projects due to its continuous investment in its team and community. The project has the potential to revolutionize NFTs with a customizable Doodle 2 collection, which is eagerly anticipated throughout the community. 

Despite the 2022 NFT market turbulence, Doodles has continued to thrive, building a huge community of loyal fans, releasing merchandise, and expanding on their project.

With the addition of new team members, we’ll likely see more of Doodles in markets across Web 3. 

Nonetheless, it’s always important to remember that the NFT market is unpredictable. Always do your research before making an investment to reduce risk and maximize your profits. 

How Is NFT Rarity & Price Calculated?

NFT rarity refers to how common a particular NFT is within a collection; typically, the rarer the NFT in a sought-after collection, the higher the pricetag. 

But how exactly does NFT rarity work? 

When an NFT is minted, it has unique properties, also known as traits, that cannot change. Although NFTs can share a trait, no two NFTs are typically identical in a randomized collection. 

NFTs with a combination of rarer features generally sell for a higher price than those with normal features. As the floor price of a collection increases, the rarer NFTs also tend to increase more in value than the collection average. 

This article will cover the top three ways to check NFT rarity and the top three rarity-checking tools to help you get the most out of your investments. 

How To Determine NFT Rarity

Understanding how to spot rarity in advance will give you an advantage in NFT collecting, informing your purchase decision.

Rating Traits

Rating traits are when an investor compares the rarest individual traits of each NFT in a single collection to determine which asset is the most valuable. 

The easiest way to do this is through OpenSea, where you can create, buy and sell NFTs. On OpenSea, you can view an entire collection when clicking on an NFT. The average collection size is 10,000 items, though this can be lower for some projects. 

When clicking on an NFT, its different traits can be seen below its main image on the left. OpenSea automatically shows what percentage of NFTs share that particular trait, which allows you to determine the rarity. 

However, this technique has a major flaw. It only looks at the rarest attribute of each NFT, ignoring the others. 

Though it is a simple method, its drawback lies in considering just the rarest attribute of each NFT, whereas all other attributes are ignored. For example, when using this technique, an NFT with one super rare feature but five common features may be considered rarer (and thus more valuable) than an NFT with three rare features but no super rare ones. 

This is where the average trait rarity technique can help. 

Average Trait Rarity

Average trait rarity is when the rarity of all traits are added together and then divided by the total number of traits. For example, the average trait rarity for one particular BoredApe would look like this: 

13 + 1 + 17 + 14 + 1 +7 = 53

53 / 6 = 8.83

This number would then be compared with another Ape, for example: 

13 + 2 + 5 + 7 + 14 + 4 + 23 = 68

68 / 7 = 9.7

With this technique, the first ape would be considered rarer than the second due to its lower score. 

The Average Trait Rarity technique is more effective than rating individual traits, as it compares the average of each attribute.

However, it’s not without flaws. With an average being taken, super rare traits can often be overlooked on NFTs, with one super rare trait and the remainder being average. 

This can cause investors to miss out if they focus solely on an average without looking at the individual traits. 

Statistical Rarity

The most popular technique is statistical rarity. This process uses a spreadsheet and is slightly more technical than others in this list. 

To use it, all trait rarities are multiplied to work out the overall rarity of an NFT. 

The two examples above would look like this:

Ape 1: 

13% x 1% x 17% x 14% x 1% x 7% = 0.00000002 

Ape 2

13% x 2% x 5% x 7% x 14% x 4% x 23% = 0.00000001

Using this technique, the second ape would be considered rarer than the first, creating problems for investors who use different methods to test rarity. 

So, what are the alternatives? 

Several rarity tools based on the Rarity Score approach have been created to help investors choose the right NFT. Here are the top 3 options.

The Best Rarity Tools

OpenSea Rankings

OpenSea uses a tool to analyze the volume and floor price of an NFT to display its ranking. 

The collection stats tab lets you view the top-ranking projects based on sales volume, % rise in price, floor price, total sales, and more. When clicking on a project, you can view the rarity of each NFT to help inform your investment decision. It’s free of charge and can be used as part of the platform. 

Rarity.tools

Rarity.tools is one of the most trusted NFT rarity checkers and can be used for free. It works in a similar way to a search engine, with a focus on NFT built on the Ethereum and Solana blockchains

You can filter NFTs based on sales volume, average price, and top collections through the website. It also lets you view upcoming projects, which makes it great for investors who want to move away from the current market leaders. 

Trait Sniper 

Trait Sniper is a relatively new tool that lets you compare NFT attributes. The tool looks at all NFT projects, which makes it great for investors looking to buy from upcoming NFTs with a potential to rise in value. It has both a free and a paid version, with the paid version offering real-time notifications for the latest NFT projects and an overall score. 

What Is The Best Solution To Determine Rarity And Price?

Although there’s no one shoe fits all solution, tools such as OpenSea, Trait Sniper, and Rarity.tools are a great way to kick-start your NFT investments.

They’re easy to use, making them perfect for new investors or experts looking for additional data. 

However, it’s important not to rely on them entirely. They’re tools and should be used as such. You can use them to find out how rare an NFT is; however, this doesn’t guarantee the success of that NFT or the whole project. 

If the market is going through a turbulent period, a whole collection may decrease in price whether you own the rarest NFT. Therefore, it’s always important to conduct your market research and use these tools to supplement your findings. 

How Permanent NFT Storage Can Prevent Disaster

A permanent NFT storage combines blockchains and InterPlanetary File System (IPFS) designed to create a secure place to hold NFTs. 

Throughout 2021 NFTs (non-fungible tokens) became popular assets, with projects such as Bored Ape Yacht Club (BAYC) and Cryptopunks making headlines for their large price tags. 

At the same time, NFT scams and theft also reached an all-time high, with over $100 million worth of NFTs stolen since July 2021. Due to the decentralized nature of cryptocurrency, most investors never had their NFTs returned and lost their investments. 

As the market continues to develop, new ways of protecting NFTs are being created. One such way is permanent NFT storage, which combines two leading storage methods to protect users from theft and scams. 

In this article, we’ll cover why it’s important to properly store NFTs, the different storage types, what is permanent NFT Storage and how it can save you from an investment disaster. 

Why Should You Properly Store NFTs?

With any piece of art, storage is extremely important. In the past, art collectors would pay upwards of $100,000 a month for their art to be secured. With NFTs, things are a little different. 

Some NFT platforms will allow you to store your NFTs inside their built-in wallets, while others will let you store NFTs in your external wallet, such as MetaMask. However, storing with a platform isn’t always safe. 

In March 2021, hackers stole thousands of assets from accounts held by Nifty Gateway. Although the company’s security wasn’t compromised, hackers used a lack of two-factor authentication to their advantage, using users’ credentials to steal assets. 

This made investors realize how important it is to use your own storage and not rely on third parties. Instead, NFT investors need to take full ownership of their assets. 

What Storage Types Are Available?

Online Storage

Currently, most NFT collectors store their NFTs using blockchain-based storage solutions such as MetaMask and OpenSea. These are completely decentralized and secure, giving owners full ownership of their assets. 

However, it’s important to note that these wallets don’t technically hold your NFTs. Instead, they provide you with a private key that gives you access to them on the blockchain. With this key, you own a cryptographic address and everything in it. 

Nonetheless, this storage method can still be hacked as it’s online 24/7.

Offline Solutions

Offline solutions are an extremely secure way to store NFTs. As they’re not connected to the internet, they’re less prone to cyber-attacks, digital scams, and unauthorized access. The most popular offline storage solution is a hardware wallet such as Trezor or Ledger. NFTs can be stored in these wallets offline and require an ID and password for extra security. 

The only downside is if you lose the physical wallet, you’ve lost your assets. 

What Is IPFS?

InterPlanetary File System (IPFS) is an open-source project created by Protocol labs. It’s used for storing and accessing websites, files, apps, and data; however, it has the potential to impact the way we store NFTs. Currently, IPFS works by breaking down data across different storage solutions, so if one should fail, the data will be backed up elsewhere. 

Platforms such as Pinata and Filecoin combine the benefits of blockchain storage with IPFS to create a permanent storage solution. This solution is designed so NFTs can’t be lost, even if the marketplace where they are stored goes down. 

It removes all external dependencies while providing decentralized storage solutions for NFTs. But, the technology still has some flaws. If an NFT has been sold independently (outside of a platform) and the owner chooses to stop providing the NFT data, the NFT will disappear. 

However, on-chain solutions are being designed to fix this problem. Marketplaces such as Pastel are implementing native storage solutions where assets will always be fully recoverable. Pastel Network uses its Cascade protocol for this, helping recover all NFT data if anything is ever lost. It breaks up NFT data into chunks and distributes it amongst a network of SuperNodes. This means if any nodes go down, NFTs are always recoverable. 

Why Permanent Storage Is Important

As NFT sales continue to grow, a secure way for everyday investors to store their assets is essential. In the current market, NFTs are continuously missing, with scams rising. 

In November and December 2021 alone, over $30 million in NFTs had been lost due to rug pulls and scams. For the market to continue to thrive, users need peace of mind that their assets aren’t going to go missing. If scams continue to increase, the NFT market will have difficulty attracting new investors, significantly slowing the widespread adoption of these digital assets. 

Permanent storage solutions provide investors with a much better storage solution than any available on the market. One where data is broken down across nodes to prevent theft and scams. 

Final Thoughts: Is Permanent Storage The Future For NFTs?

Although IPFS technically isn’t designed solely for NFTs, it’s being integrated by projects like Pinata to provide users with a security solution that’s easy to use and completely safe from digital threats. 

As the technology continues to develop, it’s fair to assume that permanent storage solutions, or similar technology, will be the future of NFT storage should widespread adoption occur. 

Despite still being an early development, permanent storage gives investors peace of mind that their assets are completely safe, even if there’s an issue with nodes. In the current market, no other storage solutions provide this level of safety, making it a no-brainer for NFT collectors worldwide. 

What is a POAP? How POAPs Influence Digital Identity 

A POAP (Proof of Attendance Protocol) is a unique NFT badge given to an attendee of a real-world or virtual cryptocurrency event. 

Pronounced “poh-ap,” POAPs are used by crypto enthusiasts to record their experiences in the crypto space. They’re created as ERC-721 tokens (standard for NFTs) and must meet specific criteria to be classed as a POAP. These include:

  • Being minted through an official POAP smart contract
  • Containing metadata related to a specific time or date, up to 1 year in length
  • An image associated with the NFT

The following article will cover what a POAP is, why POAPs are worth collecting, their benefits, how to claim and set up POAPs, and how Sushi have used a POAP in their community. 

How Does a POAP Work?

Originally minted on the Ethereum mainnet, POAPs are now created and distributed on Ethereum’s sidechain, xDai. xDai lets users mint NFTs at a meager cost, allowing projects to distribute them for free to show attendance at an event. 

Upon attending an event, an individual can claim their POAP to show proof of attendance. The way you claim will depend on the event, which we’ll dive into later. 

Although created on xDai, POAPs can be moved to Ethereum, which isn’t desirable due to the fees involved. 

Why Collect POAPs?

Crypto collectors use POAP badges to show off the many events they’ve been to, though collectors now use them to gain financial and community perks. For example, Bankless DAO rewarded investors who claimed Bankless POAPs by airdropping tokens into their wallets. The more POAPs they’d argued, the more tokens they’d receive.

Crypto enthusiasts are also using POAPs to create a blockchain-style resume. In everyday jobs, employers will look at your resume to determine if you have the experience for a particular job. In the crypto world, projects are now using POAPs as a transparent way to view and track applicants within their own communities. For example, when someone wants a job within a DAO.  

Benefits Of a POAP

Privacy

TV series such as The Great Hack have recently shown how much companies like Google use our data. Unlike social media and traditional search engines, the decentralized nature of POAPs lets people show proof of attendance without needing to give up too much personal data. For example, an individual can show proof of attendance at an event without revealing their name, address, or contact details. 

Easy List Segmentation

Managing any event (physical or digital) requires a lot of work, especially when it comes to communicating with attendees. Instead of using email to manage huge subscription lists, organizers can use POAPs to break down email lists into different segments. For example, individuals already have one POAP or those with POAPs for particular events. 

Potential To Become Collectors Items

Valuable collector items can be seen in just about every industry. Baseball cards, signed shirts, balls from sports events, the list goes on. POAPs have the potential to gain value based on the historical legacy of an event they’re tied to; imagine proving you went to the first Bitcoin conference. 

How Can You Claim a POAP?

Claiming a POAP is easy and will depend on the type of event. Here are the three main options.

Batch delivery: This is when individuals enter their Ethereum wallet address during the signup process. The event organizer will then automatically airdrop the badge to them. 

Manual delivery: This is when an organizer scans your wallet QR code at a physical event and sends the POAP badge over. 

Self claim: When attendees claim their POAPs using a decentralized application. During this process, you’ll be sent instructions on how you can make your claim. 

The most popular claiming options are batch and manual deliveries. Always use your Ethereum wallet when claiming POAPs, as they’re incompatible with other options. 

Once you’ve received your POAP it can be seen on any interface supported by Etherscan or OpenSea. Simply type in your Ethereum wallet address or link the page to MetaMask, WalletConnect, or Portis. 

You can also view your POAP through the POAP App, which can be found in the Apple and Android stores. Once you’ve connected your wallet, you can showcase your POAP on social media platforms, including Twitter, Reddit, and Telegram.

How To Set Up a POAP

Here’s how you can set up a POAP if you’re hosting an event. 

  1. Start by creating a graphic file in PNG or APNG format under 200 KB in size. The suggested dimensions are 500 x 500 pixels with a round shape. 
  1. Head to the POAP BackOffice. Click “Manage Drops” and the “Create new POAP” button on the right. 
  1. You’ll be redirected to a page where you can fill out the information for your event and the POAP. This includes your website, how long the occasion is, and how many “mint links” you want. Ensure the number of links equals how many people you want to attend. 
  1. Once you’ve filled out your details, you’ll receive an email with your claim codes and a POAP edit code. This can be used if you want to make any changes to your event.
  1. Now you have the POAPs ready to send to attendees. 

How Sushi Is Using POAPs

SushiSwap AMA host 0xTangle has discussed using POAPs in the Suhi community to build blockchain résumés. Though not yet implemented, the idea has gained some traction throughout the community. Many members agree that using a POAP would be great for determining an applicant’s involvement within a community. For example, when hiring people into a DAO, using a POAP would make sure that the person is working in alignment with the organization’s goal instead of for personal gain. 

Final Thoughts: Can a POAP Determine Decentralized Identities?

Since moving to xDai, the use of POAPs has grown dramatically throughout the crypto world; however, their potent cases have huge potential. Current services have only scratched the surface of what is possible, collected amongst a small group of crypto enthusiasts. 

Nonetheless, POAPs have the potential to redefine identity in crypto. They can measure community engagement, show users’ dedication to a project, and help organizers manage events. 

For this to happen, issuers must ensure attendees only get one POAP per event, and non-attendees cannot beat the system. As the demand for crypto increases, we’ll likely see more use cases for POAPs, with each release increasing the strength and validity of all collections and digital identities. 

For more information, check out the POAP technical documentation here.