TinyTap Raises $8.5M to Change Education in Web3
TinyTap, a web3 edtech platform, raised $8.5 million to accelerate its expansion into the web3 education system, better valuing teachers and empowering communities.
The Deets
- TinyTap secured funding from multiple investors
- Platform expansion aims to create an alternative Web3 education system
- Publisher NFTs empower educational content creators
- NFT buyers become co-publishers and share in the benefits
- Average income to NFT buyers reached 19.7% annualized
The Details: TinyTap, a subsidiary of Animoca Brands, raised $8.5 million from investors such as Sequoia China, Liberty City Ventures, Kingsway Capital, Shima Capital, Polygon, GameFi Ventures, and others. This funding will support TinyTap's business expansion and accelerate its development into an alternative Web3 education system. The goal is to better value teachers, improve their earning opportunities, and enable parents and communities to support and promote their preferred educational materials.
TinyTap launched its web3 strategy in 2022 with two successful auctions of Publisher NFTs, generating 243 ETH (approximately $352,000). Publisher NFTs were introduced by TinyTap to empower, reward, and incentivize educational content creators and publishers. Each Publisher NFT represents co-publishing rights to one TinyTap Course, a curated bundle of educational games made on the TinyTap platform. When these NFTs are sold, the proceeds are shared with the Course creators, and the NFT buyers assume the role of co-publishers, sharing in the benefits generated from co-publishing efforts.
Since the TinyTap Publisher NFTs were auctioned in Q4 2022, the average income to NFT buyers resulting from their co-publishing efforts amounted to approximately 8.2% (or 19.7% annualized) of the purchase price of the Publisher NFTs.
❗️Why It Matters
While web3 is often laughed at for its "silly" jpeg use cases, education is a vertical ripe for potential innovation. TinyTap has already established itself as a successful web2 company and it is not "re-inventing the wheel" with its work in web3, offering creators the opportunity to create verifiable courses through which they can earn recurring revenue and share in the success of the platform.
🎤 Platform Prose
Each Publisher NFT represents co-publishing rights to one TinyTap Course, which is a curated bundle of educational games made on the TinyTap platform by one teacher in one specific subject. When these NFTs are sold, the proceeds are shared with the Course creators, and the NFT buyers assume the role of co-publishers. In return for promoting and marketing the associated Courses, the buyers share in the benefits generated from co-publishing efforts.Animoca Brands
