Animoca Brands’ subsidiary TinyTap is bringing the educational sector into Web3. Its first move was to auction six “publisher” non-fungible tokens (NFTs) on OpenSea in early November. As of November 7th, they had all sold out for a grand total of 139 ETH or $228,000 at the time of the sale. The six teachers responsible for creating the courses will receive 68 ETH or $111,000.
The publisher NFTs represent co-publishing rights to the TinyTap courses the six teachers created. The owners of the NFTs will be able to promote the courses on TinyTap or an independent platform and receive up to 80% of the revenue the courses generate. The teachers will continue to receive 10% of the revenue and a certain amount of royalties on secondary sales of the NFTs.
The move is TinyTap’s first venture into Web3 and comes after Animoca Brands acquired the company in June of 2022. TinyTap, based in Tel Aviv, Israel, is known for its subscription-based business model where students, predominantly between kindergarten and sixth grade, take interactive courses through an app. Animoca Brands purchased the company for $39 million.
According to a press release, the auction of the six publisher NFTs is a first step to creating an alternative Web3 educational system. The goal of that system is to improve education while giving teachers better earning opportunities. Gabi Klaf, who was responsible for the highest selling publisher NFT, earned 23 ETH or $37,600, which is worth over one year’s salary where she lives.
The owners of the publisher NFTs will be responsible for the marketing of the courses. This creates a partnership between the owners, the course creators, and TinyTap, and it frees the course creators up to create more content.
Entities Bring Education to Web3
While education is not known as a hot Web3 sector, some entities are looking to change that. At Rarity Sniper this year, we’ve covered a few stories involving the intersection of the next iteration of the internet and education. Here are three.
First, there is Oxford University. A month ago, the prestigious university hosted an NFT conference. There, Web3 thought leaders gathered to discuss non-fungible tokens, the blockchain, and digital art.
Second, there is Tokyo University. Three months, the university announced it was launching metaverse engineering courses. The courses will be geared towards university, high school, and middle school students. The goal is to give students hands-on product development experience.
Third and finally, there is ViewSonic. Five months ago, the global provider of visual solutions debuted its “UNIVERSE” at the ISTE Live 22 Conference & Expo. UNIVERSE is a full-scale visual experience where students will take classes. The goal behind UNIVERSE is to create a safe digital environment where students can learn.
TinyTap’s publisher NFT sale is big news and shows innovation in the NFT sector, even during this crypto bear market. Here at Rarity Sniper, we’ll be keeping our eyes open for further developments in the story.