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- Pearson is going to use NFTs
- The step will help in monitoring the sales of digital textbook
Pearson, a textbook publisher, is going to use NFTs (non-fungible tokens) to monitor the sales of digital textbooks and completely restrict the secondary market.
On Monday, Bloomberg published a report stating that the chief executive officer of Pearson, Andy Bird is willing to give NFTs to its digital book so that the company can monitor the sales and record the revenue which somehow got lost earlier on the secondary market.
Bird says that the firm can use the mechanics to earn commission on second-hand sales of its textbooks, often seen it passing from one student to another.
Bird commented:
“ A mechanism such as blockchain and NFTs permits the owner to be a part of every sale for a specific item throughout its life. The chance to take part in the following revenues […] I find really interesting.”
The CEO highlighted that the Pearson textbook is often resold up to seven times throughout its life.
The company is willing to enter Metaverse
As the company has explored a new way to take advantage of the technology and increase the sales revenues, the CEO revealed that he would be exploring new ways through which Pearson will be benefited from the Metaverse.
“ Our entire team is working on the significance of the metaverse and what that can do for us.”
Entering into Metaverse can be profitable in the medium term, as it is expected that the market capitalization of the virtual world to go over $50 billion by 2026.
Pearson is a part of a developing group of academic bodies willing to enter the Metaverse. In July, the Hong Kong University of Science and Technology introduced its first classroom in Metaverse.
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Criticism of the idea of using NFT
Apart from being advantageous, the idea of using NFTs is being criticized by some of the community members.
Zane Griffin Talley Cooper, a researcher at Intel, condemned the company and commented that “this is probably where NFT technology is going.” we got to watch this thing carefully, he further added.
Some other people say that the company is actually not using the NFT technology anyhow.
On Tuesday, Ian Cutress, a technology analyst, Tweeted that “NFT is meaningless here,” and what the company is referring the NFT is only a code that second-hand buyers will have to pay an amount for activating their digital books.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
