Animoca Brands, a Hong Kong-based company advancing digital property rights for gaming and the open metaverse, and its subsidiary TinyTap, the platform for user-generated educational games, announced Thursday the launch of Publisher non-fungible tokens (NFTs).
Animoca Brands said in a statement each Publisher NFT is linked to a bundle of educational games and other interactive activities created by teachers on TinyTap’s platform (the Platform).
Six Publisher NFTs will be auctioned on OpenSea starting at 11 p.m. (UTC) on 2 November.
Animoca Brands acquired TinyTap earlier this year. TinyTap provides a code-free platform that empowers educators to create and share interactive educational content and to receive a revenue share when that content is used by learners.
Animoca Brands and TinyTap are now implementing a Web3 strategy to improve opportunities for educators worldwide to earn from the content they create, and to offer parents enhanced learning opportunities for their children.
The auction of the Publisher NFTs is the first step in leveraging Web3 technologies to establish an alternative decentralized education system that fairly supports and incentivizes teachers.
Teachers on TinyTap already earn income for producing high-quality content when they receive a portion of the Platform’s subscription revenue.
However, the digital property rights enabled by Web3 now make possible an additional range of business models, including Publisher NFTs.
Publisher NFTs are a new offering introduced as part of TinyTap’s Web3 strategy. Each Publisher NFT represents co-publishing rights to a Course, which is a bundle of educational games created on the Platform by one teacher in a specific subject.
These NFTs allow the NFT holders to directly support educational material that is meaningful to them by taking on the role of co-publisher to promote and market the associated Courses and share in the benefits generated from co-publishing efforts.
With the introduction of TinyTap’s Publisher NFTs, teachers who create content on the Platform will be able to offer publishing rights for their Courses via this new type of digital asset.
The NFT holders become co-publishers of the content alongside the teacher who created it and TinyTap.
Similar to traditional book publishers, owners of the Publisher NFTs are expected to actively manage and promote their Publisher NFTs in order to share in the revenues generated by their Courses.
When a Publisher NFT is purchased, the underlying Course is removed from the TinyTap subscription model and ceases to generate revenue from customer engagement until the owner of the Publisher NFT engages in marketing efforts to promote the Course.
Owners of Publisher NFTs may promote and make their Courses available on TinyTap in order to share revenue from the Platform’s current subscription model, or they may promote the Publisher NFTs on other platforms independently from TinyTap.
In return, they will be entitled to receive up to 80% of any future revenues generated by their own marketing and publishing of the Courses.
The proceeds from the auction of the Publisher NFTs will be shared with the Teachers and the Platform.
Additionally, teachers will receive royalties on any secondary sales of the NFTs and will be entitled to 10% of future revenue generated by their Courses.
Publisher NFTs provide teachers who create content on TinyTap with the potential for significantly improved earning opportunities compared to the Platform’s current offering.
Animoca Brands and TinyTap will continue to investigate new and exciting ways to leverage Web3 technologies for the benefit of educators worldwide.
“The use cases for NFTs appear to be limited only by our imaginations. Today we are proud to present TinyTap Publisher NFTs to support teachers around the world and incentivize the production of engaging educational material,” said Yat Siu, Co-Founder and Executive Chairman of Animoca Brands.
“Teachers are among the most prolific and important content creators and now their content can be tokenized into NFTs, transforming into a platform for growth and opportunity,
“Our vision for Web3 is to empower educators to build their own equity and accrue value, similarly to how NFTs are already revolutionizing art and gaming,” he added.
TinyTap Chief Executive officer Yogev Shelly said worldwide, teachers are undervalued, underpaid, and face constant resource shortages and obstacles that hinder student learning.
“Education systems tend to have high budgets but in most cases, the benefits do not trickle down very well to teachers,
“Web3 technologies and communities are a tremendous opportunity to correct this problem and that’s why we are proud to launch TinyTap Publisher NFTs starting with a line-up of courses by six great teachers on our platform,” he added.