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Lefteris Karapetsas
@LefterisJP
Founder of @rotkiapp🐦, the portfolio tracker that protects your privacy. Berlin. University of Tokyo graduate. Marathon runner. software developer. birding.
Joined June 2009
810 Following    73K Followers
I loved POAP. Still have a huge collection, which is essentially a vault of memories of places I visited during conferencing and people I met. I also created POAPs for people that met me and they all told me how much it meant to them to have these different mementos of each of our interactions. A pity to see this all wind down. Now for some hard truths. PMF in crypto is hard. Not only because companies don't think of it early enough. But you are dealing with an extractive user base that wants everything for free. Will rebel at the slightest suggestion of a fee and when you shut down will wonder why is everyone leaving crypto. Users in crypto at some point even wanted to be paid to use stuff 😂 I respect the POAP team for what they built and the memories they created for me and my friends are priceless. Thank you POAP.
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After 5+ years, we're winding down POAP. Over the years, we: * minted millions of collectibles across hundreds of communities. * did incredible collaborations with world-class organizations - Coinbase, Amex, WMG, Bayer, and a long tail of others, including countless in crypto. * ran one of the biggest activations at Devcon, minting 8000+ collectibles over the course of a week. * built an Airport Rally to let collectors get POAPs at airports around the world. POAP meant something to a lot of people. Unfortunately, crypto's funding cycles and distribution dynamics made it hard to build a sustainable company without cannibalizing the ethos that made POAP mean something. Building on a fragile and quickly evolving stack, in the middle of an incredible hype cycle, only added to the challenges. Still, there are some big lessons I am carrying from the POAP story. First: Customer communities are the most undervalued asset a company can have. If you build something with soul, people who use it and love it will take your brand everywhere. Do not underestimate the power of customer communities. Second: Connection is still the point. It's easy to lose that thread when the conversation is about the latest bubbly tech or price speculation, but the people using POAPs at events, in classrooms, at hackathons were getting something real out of it. Third: Longevity and brand equity are the only moats left. With the time to building and shipping something new collapsing quickly, and distribution becoming increasingly an engineering problem, customers increasingly want to make sure they can trust that the things they are buying will grow and evolve with the market, without changing radically. Grateful for everyone who believed in what we were building. It's too soon for me to say what's next, but for now, I'm thinking a lot about what GTM looks like in the age of AI.
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