Animoca Brands’ subsidiary TinyTap has raised $8.5 million from several investors including Sequoia China, Liberty City Ventures, Kingsway Capital, Shima Capital, Polygon, GameFi Ventures, and others.
TinyTap will use its newly secured funding to support its business expansion and accelerate development in the edtech space. The investment will enable the Animoca Brands‘ subsidiary to continue to expand its Web2 platform, which currently serves over 9.2 million registered members, into an alternative Web3 education system.
This system is valuable to teachers as it improves the earning opportunities available to them, and enables parents and communities to support and promote their preferred educational materials.
Yogev Shelly, CEO of TinyTap commented, “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.”
A Web3-powered education platform
TinyTap first launched its Web3 strategy last year with two successful auctions of Publisher NFTs, which generated 243 ETH (approximately US$352,000 at time of auction). Publisher NFTs are a new concept introduced by Tiny Tap to better empower, reward, and incentivise educational content creators and publishers.
Yat Siu, co-founder and executive chairman of Animoca Brands said, “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 Tiny Tap is exploring in the field of education.”
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.
The Publisher NFT model is also able to simultaneously benefit the creators of educational content, the buyers of the Publisher NFTs, as well as TinyTap.
Isa Muhammad is a writer and video game journalist covering many aspects of entertainment media including the film industry. He's steadily writing his way to the sharp end of journalism and enjoys staying informed. If he's not reading, playing video games or catching up on his favourite TV series, then he's probably writing about them.
