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HomeEducationHow TinyTap is Impacting the Education Industry Through NFTs

How TinyTap is Impacting the Education Industry Through NFTs

Understand the substitutability of NFTs

According to Mitchell et al., when something is “non-fungible” it means 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 on the open market. The lack of liquidity in the NFT market can be challenging for both investors and startups.

A few web3 startups are trying to solve this illiquidity problem through various protocols and technology such as NFT fractionalizations, NFT oracles, price discovery tools, NFT-backed lending, and NFT marketplace aggregators. The technology approach that ultimately wins will depend on the adoption of such technologies and how efficiently it solves the NFT liquidity problem.

Understand the importance of NFTs to our economy

Tokens that cannot be exchanged for other coins are a new spin on cryptocurrency 101. Various assets, such as real estate, lending contracts and even works of art, are traded and lent through today’s complex financial networks. NFTs contribute to the reinvention of this infrastructure by enabling digital representations of physical assets.

In my opinion, if there’s one clear advantage of NFTs, it’s the tokenization of non-fungible real-world assets like diamonds and real estate. The tokenization of diamonds or real estate via NFTs is an important use case of NFTs, which converts a physical asset into a digital asset, simplifying operations and eliminating middlemen.

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

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In addition, NFTs can be used to represent real estate, removing illiquidity in the real estate market. This is a good use case 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 that represents a $1 million USD home, it could still cost $1 million USD to buy that real estate backed NFT. However, suppose we fractionated the real estate-backed NFT into lower ticket volumes, such as 10,000 fractional NFTs each at $100. In that case, we can remove the illiquidity by lowering the barrier to entry and enabling partial ownership, where users can now purchase ownership in the property for $100.

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

TinyTap, the premier platform for user-generated educational games, and Animoca Brands, a company that promotes intellectual property rights for gaming and the open metaverse, announced that the second batch of educator-written Publisher NFTs will be auctioned on OpenSea starting at 7:00 p.m. (EST) on December 15, 2022.

Disclosure of Vested Interests: The author is an independent contributor who publishes through us brand-as-author program. Whether direct compensation, media partnerships or networking. The author has a vested interest in the company(s) mentioned in this story. HackerNoon has reviewed the report for quality, but the claims herein are the property of the author. #DYOR

TinyTap is a platform where users don’t need any coding knowledge to learn how to program. With To, teachers can create and share interactive lessons with their students, while also earning a share of the profits. Educators’ access to funding, co-publishers’ ability to monetize their work, and the wider community are all supported by TinyTap’s new Publisher NFTs, built on Web3 technology. In my opinion, this can help the education industry by opening up new avenues and opportunities for teachers, universities and students alike!

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Image credit: Shubham’s Web3.

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