Educational games platform TinyTap sells out its first ‘Publisher NFTs’, helping six teachers to big profits
TinyTap, an Animoca Brands subsidiary and leading platform for user-generated educational games, has completed a successful auction of its first batch of Publisher NFTs, dubbed “TinyCourses”.
The auction generated an impressive 138.926 ETH (~US$228,000 at the time of sale) generating a total of 67.7 ETH (US$111k) split between six teachers who authored the content.
Teachers? Finally making some decent money for a change? Allow us to explain. Firstly, though…
TinyTap , which was acquired by leading Web3 gaming and open-metaverse-focused firm Animoca Brands in June, is the world’s largest educational games library. It boasts more than 200,000 interactive educational activities made by educators and publishers including Sesame Street and Oxford University Press.
Founded in 2012 and based in Tel Aviv, the company’s app is among the top 10 grossing kids apps worldwide.
The games on TinyTap are created using a code-free authoring platform and can be accessed by parents as part of TinyTap’s subscription or sold directly as bundles called Courses. A portion of subscription revenue is shared with content creators based on the user engagement generated by their content.
For this NFT auction, the six participating content-creating teachers received 50% of the proceeds of the auction of their Courses, plus a 10% ongoing share of any further “co-publishing” revenue (see further below) generated from the Courses, and royalties generated from secondary sales of the NFTs.
Each of the TinyCourses Publisher NFTs represent co-publishing rights to one TinyTap Course, which are, according to info provided to Stockhead from Animoca, a “curated bundle of educational games made on TinyTap by one teacher in one specific subject”.
What the NFT buyers then do is undertake 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.
Win, win, win, it seems, as long as there’s sustainable interest in the courses.
In this auction, the NFT that sold for the highest amount was Learn English with Gabi, which generated 22.9 ETH (roughly US$37,600 at time of sale) for its creator Gabi Klaf.
And, as Animoca tells us, based on OECD figures, that’s approximately 13.4x the average monthly elementary teacher’s salary in the public education system of Israel, where she is based. Not bad. Not bad at all.
Commenting on the sale, Gabi Klaf said: “I’ve been teaching ESL [English as a second or foreign language] 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”.
“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!”
Nice. Oh, and how about the extra dosh she’s generated for herself? Here’s that bit:
“Financially, I foresee this endeavour to be highly beneficial to me.”
Let’s hope the crypto market rides through its latest storm and the price of ETH holds up okay for you, Gabi.
Also commenting after the successful auction, Yat Siu, co-founder and executive chairman of Animoca Brands, 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.”
Yogev Shelly, CEO of TinyTap, also chimed in:
“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.”
This article was developed in collaboration with Animoca Brands, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.