Proof of Attendance Protocol Shuts Down After Five Years

The Proof of Attendance Protocol (POAP) is shutting down after over five years in operation. Co-founder Isabel Gonzalez announced the news on August 3, citing a business model that could not remain sustainable without compromising the project's original purpose.

POAP had minted nearly 7.6 million badges by more than 46,000 issuers before entering maintenance mode in March. The company struggled to turn its cultural reach into revenue, despite raising $10 million in 2022 and collaborating with well-known organizations such as Coinbase, American Express, and Warner Music Group.

Gonzalez stated that crypto's funding cycles and distribution dynamics made it difficult to build a sustainable company without weakening the project's original purpose. The existing collectibles will remain on-chain, but the future of POAP's hosted tools and infrastructure is uncertain.