Detailed explanation of the latest Launchpad project Open Campus: Layer 1 in the field of Web3 education

On April 21st, Binance officially announced the upcoming 31st Launchpad project Open Campus (EDU). EDU has also become the world's first education industry token, and is committed to bringing hundreds of millions of resources to the education market. and users into the Web3 market.

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Huge market size and growth trends

Open Campus' first integration partner, TinyTap, is the top 10 children's educational app in the Appstore with more than 9.2 million registered users; it also has more than 100,000 creators and more than 250,000 interactive courses. It has created a model that allows users to produce educational content and classes without coding. It is a good production tool for all educational content creators; at the same time, it can also help more high-quality content producers to obtain platform user traffic.

But in the next few months, Tinytap also plans to introduce more integrators, and will use NFT to auction more college content, so that more ordinary people can enjoy higher quality education at a lower cost; This process will also educate more users to enter the Web 3 market based on real demands.

What is more exciting than product data is the huge potential of industry data. Statistics show that last year, global individuals, families and countries spent more than $5 trillion on education, and it is expected to double within ten years. Only in the United States market, 86% of American users have studied through YouTube.

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Education and Transformation from Web 2 to Web 3

Founded in 2012, TinyTap is an educational platform that provides user-generated content and "the world's largest library of teacher-created games." Since being acquired by investment giant Animoca last year, Tinytap has begun to focus on its business in the Web 3 market.

After entering the Web3 field, TinyTap has also become a star project on the BNB Chain. According to the data in early April, TinyTap ranks among the top five most active dApps on BNB Chain in terms of the number of independent active wallets. An all-time high of 44k+ unique active wallets was reached yesterday.

TinyTap once said in an interview that the key to whether "Web 3 education" can shape a generation of Web 3 aborigines lies in three parts: interactive learning, cooperation with traditional educational technology companies, and co-created community projects; More users enter this new education system, and Open Campus is also in contact with similar Web 3 native learning platforms such as Binance Academy and MetaMask Learn, hoping to jointly create interactive, attractive and accessible educational content, by providing users with Describe what Web 3 is and how Web 3 works to attract more users and make Web 3 accessible to everyone.

The conversion from App users to users on the chain also allows us to see the possibility and feasibility of this industry to obtain a huge incremental market.first level title

High-quality revenue growth capability and business model free from web 3 externalities

TinyTap began to package its high-quality educational content assets in the form of NFT; and incorporated blockchain technology into its own service system to provide more empowerment for the entire educational content production and distribution chain. Earlier news, Animoca Brands spent $38.8 million in June last year to acquire an 80.45% stake in TinyTap.

Tinytap is one of the top 10 profitable apps in the App Store and Google Play in education, has more than 250,000 games, and cooperates with many famous publishers such as Oxford University, Sesame Street, etc. Between 2019 and April 2022, TinyTap generated approximately $17.6 million in revenue.

Since entering the Web 3 track, he has successfully auctioned PublisherNFT, sold 80% of the ownership of 12 courses at a price of 243 ethers, and doubled TinyTap's revenue in 2022, which also proves that this web 3's business model can be proved in the mature traffic scene of the Internet, and then Tinytap has regained the recognition of more investors and achieved oversubscription.

Yat Siu, co-founder of Animoca Brands, said NFTs allow teachers to “better get equity out of their work and connect with co-publishers who can handle the promotion of their courses, while providing students with better learning materials.”

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Connectivity with top industry resources and funds

In terms of the ability to link funds, in fact, the recent macro environment and the uncertainty of the cryptocurrency industry have exacerbated the difficulty for web3 projects to obtain investment from top funds in the primary market. As the tech sector faces economic risks, rising interest rates, a looming recession and banking turmoil sparked by the collapse of a Silicon Valley bank last month, venture capital and investment firms have begun to play cautiously and scale back their investment quotas. However, Tinytap finally obtained the latest round of financing from first-line funds. Previously, TinyTap, a user-generated content (UGC) education technology company, completed $8.5 million in financing, Sequoia China, Shima Capital, Polygon, Liberty City Ventures, Kingsway Capital and GameFi Ventures and others participated in the investment, and TinyTap will use the funds for employee expansion and product development.

In terms of the ability to link resources inside and outside the industry, Animoca Brands, as the parent company of Tinytap, will bring more than 400 investment portfolios to Open Campus. Meanwhile, Open Campus announced on Twitter that the EDU Foundation will be governed by the EDU Council, which will guide the community through key decisions supporting the development of the Open Campus protocol. EDU committee members include Yat Siu, co-founder and CEO of Animoca Brands, Yogev Shelly, founder of TinyTap, Jay Varkey, board member of GEMS Education Group, Jack Chorowasky, former chairman of KIPP Foundation, and Yida Gao, founder of Shima Capital.

Animoca and Open Campus have the strength to use the resources in the Internet field and the strength of blockchain technology to attract more educational content and high-quality traffic into the Web3 world; I also believe that in the future, Open Campus will see more and richer ecology content system; to attract native users of Web 3 and educational users of the Internet to learn what they need here.