Simply put
- A project called Poidh is using tokens to motivate real-world actions, like achieving specific Guinness World Records.
- Currently, they are offering 10 million degen tokens to break a particular record.
- The current record holder has shown some interest, but others are also eager to participate.
With so many crypto initiatives aiming to reshape Wall Street, this one stands out by focusing on the realm of Guinness World Records.
There’s a prerequisite, though: either skateboarding history will change, or a group of fans will need to rally behind a swift goal.
For about three weeks, “Photos or It Didn’t Happen,” a lesser-known initiative called Poidh, has been encouraging skaters to hit more than 36 kickflips in just a minute.
Kickflips are tricks that combine an ollie with a flick of the front foot to spin 360 degrees vertically in the air—definitely not easy. Achieving this would break the existing record by 37 flips in a minute.
As for the prize, it was valued at $28,000 recently, but so far, only one individual has shared a photo of themselves attempting the record. The official title, named Perguise, has been held in Australia by professional skater and streamer Ricky Glaser since 2012.
A bit of time has passed since the social media platform Farcaster emerged, which shares some similarities with Poidh. Like in Degen, users of this unofficial token frequently exchange tips. There’s also a group called The Haberdashery that enjoys gathering tokens and sometimes supports community projects.
Kenny, the founder of Poidh, who goes by a pseudonym, mentioned to Decryption that he became intrigued by crypto’s potential to organize people for real-world tasks over a decade ago. Recently, he’s been taking steps to realize that vision.
Kenny noted that Haberdashery contributed 3.3 million Degen tokens—roughly a third of the total prize money—as a somewhat vague marketing strategy. Nonetheless, it aligns with a collective mindset akin to that of the group that attempted to purchase an original copy of the US Constitution in 2021.
He explained that Poidh operates on principles similar to decentralized autonomous organizations (DAOs), typically used to manage funding and projects. Effectively, Poidh serves as a mini-DAO, focusing on various interests, whether it be kickflips or identifying “rat hotspots” in NYC.
Kenny added that the platform is designed to be self-sustaining. If contributors wish to withdraw their donations, they may do so unless someone is actively working to complete the bounty. Voting is necessary for payments, with power based on contributed amounts.
Poid aims to facilitate refunds if a bounty supporter decides to withdraw their support. However, a 2.5% fee applies to completed bounties, according to Kenny.
“Honestly, there aren’t many situations where you can proudly show your work to friends and family,” he recalls, reflecting on how the fall of FTX in 2022 frustrated him. He primarily identifies as an SEO consultant.
It should be noted that Poid doesn’t distribute cash prizes. Instead, it leverages Ethereum and Degen tokens, and Kenny shared that the main prize has seen a decline from $30,000.
“Prices fluctuate based on added or withdrawn funds, as well as changes in the underlying code,” he mentioned regarding Poid’s bounty structure.
Since its launch, approximately 2,500 Poid Bounties have been created, but success has been limited to around 1,400.
“I’m speechless.”
The skateboarder JD shared that he’s currently at 32 flips, according to Decryption. So far, several attempts have yielded mixed results.
He mentioned that unfavorable weather impacted his sessions, making it tricky to push further. Just days later, JD posted a video showcasing 26 successful kickflips in 39 seconds.
“Once you hit 25, it really turns into a struggle, but you just have to push through,” he noted. “If I end up winning that prize, I’ll be at a loss for words.”
JD indicated that he might use a portion of his winnings to settle some debts. But he’s not alone in vying for the Guinness title held by Glaser.
Pro skater Alex DeCunha previously recorded a video of himself breaking Glaser’s record in 2021, but Glaser is still recognized as the official holder. During a conversation with DeCunha, Glaser acknowledged the arduous process of submitting documentation to Guinness.
The prize structure in Poidh is quite specific. Participants need to adhere to specific timing requirements and must get their achievements verified by Guinness to claim their prize.
“This is for Degen,” he added.
While some anonymous skaters might be reluctant to reveal their identities, pro skateboarder Dave Bachinski has expressed he’s in the game alongside JD, indicating that participation in the contest is on the rise.
Decryption reached out to Glaser and Bachinski for their thoughts.
