Animoca Brands and TinyTap to auction NFTs for educational publishers
Non-fungible tokens (NFTs) typically associated with art and digital collectibles have spent the past year expanding beyond their initial applications, adding new avenues for creators to build and monetize their content. New use cases for NFTs have emerged, paving the way for NFTs to be more than a passing fad or digital novelty. Among the emerging applications for NFTs is educational programming and content, which is a channel for educators to disrupt the traditional publishing model.
Through Publisher NFTs, Animoca Brands and TinyTap, educators are empowered to generate revenue from interactive educational content and offer parents a more comprehensive range of learning opportunities for their children. Animoca Brands, which acquired the code-free educational gaming platform earlier this year, has partnered with TinyTap to develop a Web3 strategy to expand opportunities for teachers, students and parents worldwide.
Drawing on his experience as an entrepreneur and prominent digital property rights advocate in addition to his current role at the helm of Animoca Brands, Yat Siu points to the valuable role NFTs can play. “The significant utility potential of NFTs remains overshadowed by very few use cases that focus on other aspects of NFTs, such as being a vehicle for art and collectability. But NFTs have a much wider range of potential uses.”
Siu adds, “TinyTap’s Publisher NFTs are such a new and exciting use case. Our goal with this project is to empower teachers to build their own equity and accumulate value, in the same way that NFTs are already revolutionizing other fields. Our first Publisher NFT sale generated significant returns for teachers, with the top-selling NFT delivering significantly more than a year’s teacher salary to the creator – and that’s not including future revenue generated by the content or royalties from secondary sales of NFT.”
Continuing this educational NFT angle, the organizations have unveiled the launch date for the second series of teacher-authored Publisher NFTs. The second round of limited edition Publisher NFT auctions will start on December 15th on the OpenSea NFT Marketplace for 48 hours.
Teachers who exploit the potential of Web3
In the first round of the Publisher NFT auctions, the entire collection of the first six Publisher NFTs was sold for a total of 138,926 ETH (ETH-USD), roughly equivalent to $228,000 at the time of sale (November 7). This round of auctions generated 67.7 ETH (about $111,000) for the six teachers who created the content for the corresponding NFTs.
To put these numbers into perspective, the NFT that received the highest bid in the first round generated 22.9 ETH. The NFT associated with the “Learn English with Gabi” course was sold for approximately $37,600, which is 13 times the average monthly salary of an elementary school teacher in that region.
Commenting on their Web3 approach, TinyTap CEO Yogev Shelly highlights: “The Publisher NFTs model not only allows educators to better create (and scale) value from their work, but also offers value to all participants at every stage of the TinyTap value chain. We see this as a landmark opportunity to build an incentive system that allows communities and educators to come together to create high-quality learning content in a scenario where everyone, including educators, can benefit.”
TinyTap creators already earn an income for producing content, and receive a share of the platform’s total subscription revenue. With Animoca Brands’ initiative, TinyTap’s teachers can “tap” into multiple revenue streams, including a share from direct sales of NFTs and royalties from each subsequent sale.
Participating teachers who have created content for the upcoming round of NFT auctions have a chance to receive 50% of the net revenue and a 10% recurring share of the revenue generated by the course, just like royalties. At the same time, owners of Publisher NFTs receive up to 80% of the total income generated by the courses.
Mediation
