- TinyTap has sold out its first publisher NFTs.
- The Animoca Brands subsidiary sold at auction for a total of 138.926 ETH ~ $228,000 at the time of sale.
- The six teachers who authored the content linked to publisher NFTs received 67.7 ETH ~$110,000.
TinyTap sold out its first auction of publisher NFTs. The Animoca Brands subsidiary raised 138.926 ETH ~ $228,000 from selling courses linked to NFTs. Six teachers who authored the courses received 67.7 ETH ~$110,000.
Each publisher NFT represents co-publishing rights to one TinyTap course. NFT buyers assume the role of co-publishers alongside TinyTap and the teachers.
Each teacher receives a 50% share of the net proceeds from the primary auction and a further 10% on an ongoing basis for the co-publishing efforts of the NFT owner. They are also entitled to royalties generated from the secondary sale of the NFTs.
A non-fungible token (NFT) is a digital representation of a collectible, artwork, JPEG, or digital merchandise stored on the blockchain. In the case of TinyTap publisher NFTs, the NFTs represent a gamified course authored by a specific teacher about a specific subject.
The auction is an important step towards bringing addition to web3. Animoca Brands and TinyTap are on a mission to create a web3-based education system that increases teachers’ earning potential.
Commenting on the sale, Gabi Klaf, who sold the most expensive course NFT (Learn English with Gabi) for 22.9 ETH ~$37,600 said: “I’ve been teaching ESL passionately for over 30 years. I thought that discovering TinyTap’s interactive game platform was my biggest teaching breakthrough; but now, I see that the Publisher NFT is my real breakthrough.”
On the other hand, Yat Siu, co-founder and executive chairman of Animoca Brands, said the company decided to create TinyTap was driven by the desire to reward teachers with improved income potential whilst also taking over the cost of promoting their work.
“Thanks to this innovative use of NFTs, TinyTap’s teachers can choose whether to continue business as usual or instead make use of Web3 to focus on what they do best – produce great content – while gaining the backing of a co-publisher,” explained Siu.
Animoca Brands acquired the web3 education platform for a whopping $39 million worth of cash and shares to bring learning to web3. The company seems to be making good progress after selling out the first auction.
Yogev Shelly, CEO of TinyTap commented: “This initiative has shown that it is possible to better reward educators for the critically important work that they do. Instead of waiting for salaries to rise and for education to become more relevant, we’re using Web3 to build an incentive system to allow communities and educators to come together to create quality learning content while earning revenue together.”
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