Is there a way to grant a powerup when picking up specific loot?

Hi, I want to grant a powerup bonus any time a specific item is picked up.

scenario:
I spawn a keycard from an item spawner and grant the 1st player to pick up the keycard a power up (increased damage bonus).

When that player dies, they drop the keycard. I would like for whoever next picks up the keycard to get a power up as well.

Is this possible in UEFN and do you have tips or hints for me?