Animoca Brands Corporation Ltd and its subsidiary TinyTap, a leading platform for user-generated educational games, welcome news that the first batch of TinyTap publisher NFTs have sold out at auction.
The NFTs sold for a total of 138.926 ETH (around US$228,000 at time of sale) generating a total 67.7 ETH (roughly US$111,000 at time of sale) for the six teachers who authored the content linked to the publisher NFTs.
Curated educational games
Each Publisher NFT represents co-publishing rights to one TinyTap course, which is a curated bundle of educational games made on TinyTap by one teacher in one specific subject.
NFT buyers take on the role of co-publishers alongside TinyTap and the teacher who created the course, and in return for promoting and marketing the associated courses they share in the benefits generated from co-publishing efforts.
Each participating teacher receives 50% of the net proceeds from the auction of the NFTs of their courses, plus a 10% ongoing share of any revenue generated by such courses as a result of the co-publishing efforts of the NFT owner, plus royalties generated by the secondary sales of the NFTs.
Earning opportunities for teachers
The successful auction marks another step toward the vision of Animoca Brands and TinyTap to build an alternative Web3 education system that better values teachers by improving the earning opportunities available to them.
The NFT that sold for the highest amount was Learn English with Gabi, which generated 22.9 ETH – or US$37,600 at time of sale – for creator Gabi Klaf.
“I’ve been teaching ESL passionately for over 30 years,” Klaf said. “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.
“I am overjoyed that my English courses will now reach thousands of children worldwide and I'm excited to teach a new generation of young kids! Financially, I foresee this endeavour to be highly beneficial to me.”
Increased earning opportunities
Animoca co-founder and executive chairman Yat Siu said: “We designed TinyTap’s Publisher NFTs to significantly increase teachers' earning opportunities over the current TinyTap subscription model, and to free teachers from the costs and time required to promote 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.”
TinyTap CEO Yogev Shelly said: "We're deeply thankful for the tremendous support we have received for our new and pioneering education model of Publisher NFTs.
“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."