POAP shuts down despite Coinbase and Amex adoption

Proof of Attendance Protocol, commonly known as POAP, is winding down after more than five years, co-founder Isabel Gonzalez announced on Aug. 3. Summary POAP is winding down after more than five years, co-founder Isabel Gonzalez announced publicly Monday. Nearly 7.6 million POAP badges were minted by more than 46,000 issuers before closure plans. Existing collectibles remain onchain, but the company has not published a detailed shutdown timetable yet. POAP entered maintenance mode in March, ending active development and blocking new issuer onboarding access. The company raised $10 million in 2022 before struggling to build a sustainable business model. The decision closes the company behind one of Web3’s best-known digital attendance badge systems after millions of collectibles were issued for conferences, online events and community milestones. Gonzalez blamed the closure on a business model that could not remain sustainable without weakening the project’s original purpose. She wrote that “crypto’s funding cycles and distribution dynamics made it hard to build a sustainable company without cannibalizing the ethos that made POAP mean something.” The statement did not provide a fin...