In an effort to effectively diminish the secondary market, British academic textbook publisher Pearson is looking to leverage NFTs in order to keep track of digital textbook sales.
In attaching NFTs to its digital textbooks, the company will essentially be involved in every transaction that the book goes through, irrespective of how many times it passes virtual hands. In doing so, the company can use the verification prowess of blockchain technology to capture revenue that previously would’ve never be seen by the company during private student-to-student secondary sales.
According to the company’s CEO Andy Bird, Pearson textbooks are resold up to seven times in their lifetime, which means collectively, the implementation of NFT tech will provide the company with a ludicrous amount of new (and relatively small) revenue streams that may amount to a significant portion of profit.
Although vague for now, Bird also relayed the company’s interest in entering the metaverse, as he said: “We have a whole team working on the implications of the metaverse and what that could mean for us”.
In doing so, the book publisher will be joining an ever-expanding cohort of academic institutions that are also looking at using Web3 in order to improve the standard of their educational services, such as The University of Tokyo.