TinyTap raises $8.5 million to advance as a Web3 edTech platform
TinyTap, a subsidiary of Animoca Brands, has secured funding of $8.5 million. The round saw the participation of some of the most reputed investors, like Polygon Labs, LibertyCity Ventures, and Kingsway Capital, among many others. The edTech platform is eyeing to transition from Web2 to Web3 by leveraging the success of Publisher NFTs.
.@TinyTapAB, a subsidiary of Animoca Brands and the leading #edtech platform for user-generated educational games, has just announced that it has raised US$8.5 million from investors including Sequoia China, @LCVentures, @0xPolygonLabs, and others.https://t.co/KIkbebjZwD
— Animoca Brands (@animocabrands) April 25, 2023
The Web2 platform of TinyTap serves a record-marking 9 million plus users. A move into the Web3 segment is important for TinyTap since it aims to better value the teachers while giving them more opportunities to earn. Moreover, the Web3 edTech segment of TinyTap delivers the benefit of support and promotion of preferred educational material to parents.
TinyTap securing approximately $8.5 million in funds for the expansion, comes to light after witnessing the success of Publisher NFT. Now a hit, the project was launched in the fourth quarter of 2022 as a new model looking to empower content creators. TinyTap has registered two successful auctions of the same to generate 243 ETH. This roughly converts to $352,000 at the time of auction.
Publisher NFT has been brought into the market to empower and reward content creators, giving them the facilities to reach out to the target audience in their own manner. What makes this interesting is the fact that the educational material can be accessed by anyone, irrespective of their region.
As the name suggests, it is bought as an NFT to give co-publishing rights to the holder. The material is majorly crafted in the form of an educational game that is designed on the TinyTap platform with the assistance of the team.
NFT holders don’t just assume the role of co-publishers, but they also gain access to the share in the benefit that is generated through the efforts of co-publishing.
Investors are inclined toward TinyTap, for there has been a significant rise in the income of NFT buyers. The average income, per the announcement made by Animoca Brands, has jumped nearly 8.2% from the base price. The same has been calculated to be 19.7% on a yearly basis.
TinyTap has truly brought wonders for content creators, allowing them to focus on coming up with educational material. Buyers and the platform, on the other hand, look after the aspects of distributing and promoting the content. However, creators only have to think about the quality of the content without having to worry about how it will be distributed and promoted.
Yogev Shelly, the Chief Executive Officer of TinyTap, has appreciated Publisher NFT. Additionally, he stated that it demonstrates that the community of Web3 is willing to support the content related to education provided a suitable incentive system is in place.
Misa Matsuzaki, an owner of two Publisher NFTs, has shared her experience, stating that they have generated approximately $7,823 from November 2022 to March 2024. Misa has added that TinyTap has allowed her to actualize great ideas into educational content that can be accessed by anyone across the globe.
TinyTap leveraged the potential of Publisher NFT to make it through the funding round. It has paid well since November 2022, and it signals the potential for a brighter future.