As the NFT craze continues, one of the world’s largest publishers of academic material and textbooks is considering making the switch. Pearson Education was founded in 1844 and is looking to shake up both the traditional education system and the way we interact with published material.
Pearson did not release much detail in their interview with Business Insider but did stress that they had a team tasked with identifying different opportunities to enter the NFT space and digitize their products. The main reason seemingly is the secondary market issue of third-party vendors and private people reselling textbooks.
“In the (physical) world, a Pearson textbook was resold up to seven times, and we would only participate in the first sale… blockchain and NFTs allow us to participate in every sale of that particular item as it goes through its life.” – Andy Bird, CEO
This is a common issue for many retailers across a wide variety of products, from name-brand shoes to tickets in the event industry. Although a common problem, it sounds like Pearson is feeling a bit left out of the secondary market, and NFTs would allow them to earn royalties on NFTs traded in the open market.
NFTs also allow simple ownership verification, making the process of including certain access in products much easier. Although providing the business with some extra income, it will also be much more convenient for customers. Textbooks will be easily resellable online and digital versions often cost far less, potentially bringing down the cost of education initially.
“NFTs would be no different because it would allow us to deliver better quality content than print books and at a better price.”– Andy Bird CEO
A major, global education publisher interested in entering the Web3 space is always a strong sign for future growth. With Pearson entering the space also comes Pearson customers and even employees being much more knowledgable and familiar with Web3 technology. Broad acceptance and worldwide adoption are required for the sustainability of blockchain technology long-term.
The writing, publishing and retailing industries should all be paying close attention to companies making moves like Pearson. As Andy Bird said in the interview, NFTs would help them bring higher quality products at a better price, while also creating a new income stream for the company in the form of royalty fees. NFTs come with very little overhead and can help drive sales and marketing metrics for a business while providing convenience for customers.
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