Publisher Pearson wants to tap into NFTs to make money off of secondary sales of textbooks.
Industries, companies, and individuals are looking for ways to make money off of NFTs, often trying to auction various ones for millions. Pearson CEO Andy Bird wants to use NFTs to help his company make money from the secondary book market, according to Bloomberg.
“In the analogue world, a Pearson textbook was resold up to seven times, and we would only participate in the first sale,” he told reporters.
“The move to digital helps diminish the secondary market, and technology like blockchain and NFTs allows us to participate in every sale of that particular item as it goes through its life,” from “owner A to owner B to owner C,” added Bird.
Bird also made clear that his company is looking at additional opportunities the ongoing digital transformation is raising.
“We have a whole team working on the implications of the metaverse and what that could mean for us,” Bird added.
If Pearson is able to successfully utilize NFTs the way Bird described, it could provide a template for publishers and other content providers to increase their revenue streams.