How TinyTap is impacting the education industry through NFTs

Understand the functionality of NFTs

According to Mitchell et al, when something is “non-fungible”, it means that it is irreplaceable since it is unique.

In my opinion, the non-fungibility of NFTs leads to liquidity problems and liquidity premiums, making it very difficult to sell your NFT in the open market. The lack of liquidity in the NFT market can be a challenge for both investors and startups.

A few web3 startups are trying to solve this illiquidity problem through various protocols and technology, such as NFT fractionations, NFT oracles, price discovery tools, NFT backed loans, and NFT marketplace aggregators. The technological approach that wins, in the end, will depend on the use of such technologies and how effectively it solves the NFT liquidity problem.

Understand the importance of NFTs to our economy

Tokens, which cannot be exchanged for other coins, are a new twist on cryptocurrency 101. Various assets, such as real estate, loan contracts, and even works of art, are traded and lent through today’s complex financial networks. NFTs are helping to reinvent this infrastructure by allowing digital representations of physical assets.

In my opinion, if there is one clear advantage of NFTs, it is the tokenization of non-fungible real assets such as diamonds and real estate. The tokenization of diamonds or real estate through NFTs is an important use case of NFTs, transforming a physical asset into a digital one, simplifying operations and eliminating intermediaries.

If an NFT represents a piece of real art on a blockchain that can be traded in a decentralized way, there is no longer a need for intermediaries and the artist can communicate directly with the public.

Furthermore, NFTs can be used to represent property, and remove illiquidity in the property market. This is a great example of NFTs and how they can be applied to real world assets.

Real estate is illiquid because it can take months to sell a property. Even if we have an NFT representing a $1 million USD house, it may still cost $1 million USD to buy the real estate backed NFT. However, suppose we fractionalized the property-backed NFT to lower ticket volume, say 10,000 fractional NFTs each for $100. If so, we can remove the illiquidity by lowering the barrier to entry and allowing shared ownership where users can now buy the ownership in the property for $100.

Animoca Brands and TinyTrap to Disrupt the NFT Economy with Educator and Publisher Focused NFT Auctions

TinyTap, the premier platform for user-generated educational games, and Animoca Brands, a firm that promotes intellectual property rights for games and the open metaverse, have announced that the second batch of teacher-authored Publisher NFTs will be auctioned on OpenSea from 19:00 (EST) December 15, 2022.

TinyTap is a platform where users do not need coding knowledge to learn how to program. To allow teachers to create and share interactive lessons with their students while earning a share of the profits. Teachers’ access to funding, co-publishers’ ability to monetize their work, and the community at large are all empowered by TinyTap’s new Publisher NFT, built on Web3 technology. In my opinion, this can help the education industry by opening new avenues and opportunities for teachers, universities and students alike!

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Image credit: Shubham’s Web3.