TinyTap is onboarding a new demographic to Web3– kids! The education technology startup raised $8.5m from Animoca Brands to help expand its business. What is TinyTap doing with education and NFTs?
What is TinyTap’s Web3 strategy?
TinyTap successfully launched an NFT collection in Nov 2022. This collection was comprised of six different NFTs representing six different courses. The courses are essentially bundles of mini-games, each one for a different subject. The bundle sold at auction for 138.9 ETH (or $228,000 at the time of the sale). By purchasing the bundle, the new owner received co-publishing rights for the material.
This novel approach to monetizing educational content caught the attention of fundraising giant Animoca Brands. Earlier that year in June, Animoca paid $38.8m for 80% of the company. Since then, Animoca has championed TinyTap’s vision of disrupting the education industry with blockchain technology.
Yat Siu, Animoca’s co-founder, views NFTs as a tool for educators to “better generate equity from their work and link up with co-publishers who can handle the promotion of their courses, all while offering students enhanced learning materials.” He also added, “This is why we’re incredibly excited at the Web3 opportunities that TinyTap is exploring in the field of education.”
TinyTap was able to secure an additional $8.5m funding round despite tightening lending conditions after the Silicon Valley Bank collapse. This additional money will go towards hiring and product development.
What is TinyTap
It is a code-free platform that allows educators to create and distribute educational content. The Tel Aviv-based company leverages blockchain technology to give educators royalties for their content as well. This approach has been a huge success. the platform has managed to become “the world’s largest library of games by teachers.”
As Web3 technology becomes more prevalent in our lives, companies such as TinyTap will undoubtedly help revolutionize how we educate as well.