The latest funding for TinyTap, a subsidiary of Animoca Brands dedicated to transforming education through web-based interactive games, sums up to $8.5 million, thanks to major contributions from prominent figures in the web3 investment community.
In Brief
TinyTap's recent funding round attracted notable web3 investors, including Kingsway Capital, Shima Capital, Polygon, and GameFi Ventures, bringing in an impressive $8.5 million.
This new influx of cash will be pivotal for TinyTap as it aims to scale up its operations in the educational technology sector.
In a bold initiative last year, TinyTap auctioned off two Publisher NFTs, which garnered an impressive 243 ETH in sales.
As part of its growth strategy, TinyTap, a company under Animoca Brands known for its educational gaming platform, successfully raised $8.5 million from a group of distinguished web3 investors, such as Sequoia China, Liberty City Ventures, Kingsway Capital, Shima Capital, Polygon, and GameFi Ventures.
The latest investment will empower TinyTap to integrate an innovative web3 educational framework into its existing platform, which proudly hosts a community of 9.2 million registered users. The funds will help the company broaden its market reach and fast-track its expansion in the edtech landscape.
Recently, TinyTap introduced its web3 strategy with successful auctions that resulted in the sale of unique digital assets, generating a total of 243 ETH in revenue. These Publisher NFTs give owners co-publishing rights on specific TinyTap courses that feature a collection of educational games curated by individual instructors focusing on a designated subject area. Publisher NFTs Yogev Shelly, TinyTap’s CEO, shared, \"The successful launch of our Publisher NFTs showcases that the Web3 community is eager to support educators and educational materials through this innovative and fair incentive system. By linking content creators in education with those keen to promote these materials, we’re advancing our mission to return the educational experience to the hands of both teachers and learners, enriching the whole community.\"
Upon the sale of these NFTs, course creators benefit from a share of the proceeds, while buyers take on the role of co-publishers. This partnership entails that the buyers are committed to marketing the related courses, allowing them to reap benefits from their promotional efforts.
As highlighted in a press release, co-publishers have reportedly earned an average revenue of about 8.2% (equivalent to 19.7% on an annual basis) from the sale of their Publisher NFTs since they were auctioned in late 2022. This figure reflects the courses' revenue between the time of NFT acquisition and represented an average income over five months for co-publishers connected to 12 different courses, excluding seasonal performance fluctuations.
Yat Siu, the co-founder and executive chairman of Animoca Brands, expressed his sentiments on the matter: \"Educators play a crucial role as content creators in our society, and their compensation often doesn’t correspond to the value they bring. We are truly enthusiastic about the WEB3 possibilities that TinyTap is exploring in the educational arena.\"
With the backing of Animoca Brands, TinyTap has successfully facilitated the sale of six NFTs tied to educational content, amounting to 138.9 ETH.
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Disclaimer
In line with the Trust Project guidelines Cindy serves as a journalist for Metaverse Post, writing on various topics including web3, NFTs, the metaverse, and AI. She places particular emphasis on interviews with key players in the Web3 sector, having engaged with over 30 executives at the C-suite level to share their invaluable insights with her readership. Originally from Singapore, Cindy now resides in Tbilisi, Georgia. She holds a Bachelor’s degree in Communications & Media Studies from the University of South Australia and boasts a decade’s worth of experience in journalism and content creation.
