NFTs and POAPs utilities

poap

Do you know what NFTs are? NFTs (Non Fungible Tokens) are unique digital assets (such as soccer cards or art) and limited that cannot be replicated. Also, we can understand them as the certificate of authenticity and ownership of a digital file.

For that reason, for the first time, technology allows us to have ownership and authorship of assets within the digital world.

Vitalik Buterin, started talking about them in late 2016. He predicted that NFTs could be used to create new types of games and other experiences that were not possible before. Since then, there has been an explosion of interest in NFTs.

The great thing about NFTs is that they can represent anything: works of art, real estate, collectibles, or even intangible assets such as music rights or patents.

The first example of this was the CryptoKitties project, which launched in November 2018. This project saw users buy and sell cats on the Ethereum network using NFT technology.

At Vottun, we work on our own NFT platform, where users can create or participate in digital asset projects like CryptoKitties. The difference is that our platform is designed for companies and organizations to use, rather than individuals – we’re working with clients large and small who are interested in using our platform for their own projects! From brands like Nestlé to art galleries like Duran Auctions or digital artists like Felipao.

NFTs are a new and exciting way to represent digital assets.

They are designed to be as easy to transfer, trade and sell as physical goods. NFTs can be exchanged on the blockchain, which means they are decentralized, super-secure and immutable. And, therefore, there is no third party involved in the transaction (such as a notary): the buyer and seller transact directly with each other.

But even this nascent technology is also dynamic and constantly evolving. And that’s why we’re here. To explain to you the future type of NFTs that is on everyone’s lips.

Ethereum’s co-founder recently proposed a new type of non-fungible token (NFT) that he says could help bring about a decentralized society. This new NFT, called “Soulbound” NFT, or “soulbound” NFT, is characterized by the fact that it cannot be traded or transferred. That is, it is an NFT that cannot be traded and its ownership is assigned to a single identity.

This proposal is interesting, but raises many questions. For example, if these tokens cannot be traded or transferred, how will they have any value? And what kinds of things could they be used for? Well, the answer is that they have a lot of value and will be applicable to a lot of different use cases. Because, believe it or not, there are many valuable assets that are associated with just one individual. Medals, awards, identity credentials (such as ID cards or driver’s licenses, for example) or academic certifications are some examples of this. A very clear case is that of POAPs.

NFTs used as POAPs

POAPs (proof of attendance protocols) are a new way to track attendance at events, meetings and classes.

The most common use case for a POAP is to verify that someone has attended an event. For example, if someone attends a conference and participates in a panel discussion, their participation can be verified by the conference organizer using the POAP protocol. This would allow them to keep track of who participated in which panels, enabling them to provide this information to other attendees at a later date.

Thus, POAPS could be one of the first use cases for Soulbound NFTs. And even this NFT could be a gateway to other benefits or events.

And it is closer than we may think because this use case already exists. Without giving them the name POAPs, these are what Vottun has issued at conferences and training programs to certify in attendee attendance or blockchain competency. We call them “blockchain registered badges” and these have been issued by universities or other educational platforms with Certtun, (a solution for the education sector to issue academic badges and certificates on blockchain). With Certtun, these badges can be issued, (POAPS), and anyone can verify on the blockchain someone’s attendance at a particular event.

Similarly, with Certtun, many educational institutions such as universities can now issue blockchain-verified academic certificates. And soon they will be able to use these “Soulbound” NFTs to deliver their diplomas to all their students (in their wallets).

And in the same way, the VottunCredentials platform (platform for issuing access credentials in blockchain that is currently being used by AENA, among other clients) will issue access credentials in the future, which will also be “Soulbound” NFTs.

It is obvious that sooner or later we will adapt this technology, thanks to the multitude of benefits it offers. And in the face of the more than likely difficulty of adoption by non-crypto users, we are fortunate that Vottun already has several turnkey solutions to simplify and accelerate this process.

If you’re interested in learning more about how we can help your business or organization become more successful using NFT, contact us today!

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