Animoca Brands’ Subsidiary TinyTap Raises $8.5M to Advance Education Using Web3
In Brief
TinyTap has raised $8.5 million from prominent web3 investors including Kingsway Capital, Shima Capital, Polygon, GameFi Ventures and others.
The funding will be used to support TinyTap’s business expansion and accelerate its growth in the edtech space.
Last year, TinyTap auctioned two Publisher NFTs which generated 243 ETH.
TinyTap, a subsidiary of Animoca Brands and the edtech platform for user-generated educational games, has raised $8.5 million from prominent web3 investors, including Sequoia China, Liberty City Ventures, Kingsway Capital, Shima Capital, Polygon, GameFi Ventures, and others.
The new investment will enable TinyTap to continue bringing an alternative web3 education system into its web2 platform, which currently has 9.2 million registered users. TinyTap will use the funds to expand its business and accelerate its growth in the edtech space.
Last year, TinyTap launched its web3 strategy with two successful auctions of Publisher NFTs, which generated 243 ETH. Publisher NFTs grant co-publishing rights to a particular TinyTap Course, consisting of a set of educational games created by a single teacher on the platform for a specific subject.
“Our Publisher NFTs genesis auctions demonstrated that the Web3 community is well suited and willing to support educators and educational content via this new powerful and equitable incentive system. By pairing educational content creators with interested promoters, we are able to benefit all parties fairly and take a significant step in our goal to put the power of learning back in the hands of educators, students, and the community,” said Yogev Shelly, CEO of TinyTap.
When these NFTs are sold, the Course creators receive a portion of the proceeds, and the NFT buyers are given the role of co-publishers. As part of the co-publishing arrangement, the buyers are expected to promote and market the associated Courses and in turn, share in the benefits generated from such efforts.
According to a press release, the average revenue earned by NFT buyers from their co-publishing efforts was around 8.2% (or 19.7% annualized) of the purchase price of the Publisher NFTs since they were auctioned in Q4 2022. This revenue percentage is based on the courses’ earnings from the time the associated NFTs were purchased and represented an average of 5 months’ income of the co-publishers for 12 courses. It does not take into consideration seasonal variations in the courses’ performance.
Yat Siu, co-founder and executive chairman of Animoca Brands, commented: “Teachers and educators are among the most important content creators and contributors in society, and yet their wages typically do not reflect their critical importance. This is why we’re incredibly excited at the Web3 opportunities that TinyTap is exploring in the field of education.”
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About The Author
Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.
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Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.
