Since coming to the fore a little over a decade back, the realm of blockchain technology has continued to revamp the global economy in a big way, such that studies estimate this burgeoning paradigm to have been adopted by 90+% of all major enterprises across the globe — with its use increasing especially across North America, Europe, and Asia over the last couple of years.
That said, one sector, in particular, where blockchain’s influence has grown tremendously is that of academia and education.
From revolutionizing the way in which teaching/learning activities are facilitated to the verification of student credentials/records to content ownership, the technology has allowed for a new means of personalized learning as well as the incentivization of learning outcomes.
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The blockchain and Web3 adoption matrix explained
One of the most compelling aspects of Web3 tech intermingling with the existing educational landscape is the promise of fair compensation for teachers and content creators.
In this regard, it bears mentioning that as part of most traditional educational systems, the revenue generated from educational content almost always goes entirely to an intermediary — such as a school, university, etc — before reaching its creator.
However, with the advent of the blockchain, this status quo has started to shift quite dramatically.
One platform at the helm of this ongoing revolution is OpenCampus.
The ecosystem seeks to make learning more accessible for everyone, regardless of their geographical location or socio-economic status. To elaborate, OpenCamp allows educators to devise and mint courses in the form of NFTs — referred to as ‘Publisher NFTs’ — which can then subsequently be sold/resold via various decentralized marketplaces, allowing creators to accrue lucrative revenue streams for themselves.
Moreover, Publisher NFTs allow content creators to retain complete control over their intellectual property (IP) rights while streamlining their royalty payments (accrued due to the NFTs being bought or sold across secondary markets.) Such an unparalleled level of transparency and automation — unheard of in the traditional education realm — serves as a significant incentive for educators to adopt Web3 technologies.
Lastly, thanks to its unique, future-ready proposition, Open Campus has partnered with several education-focused Web3 giants, including TinyTap, the world’s leading educational app, converting screen time into an active learning experience.
As things stand, TinyTap boasts of a digital library containing over 250k+ lessons from 100k+ creators, all of which can be converted into Publisher NFTs.
Not only that, the firm has actively participated in Open Campus’ product development, extending its expertise in building the latters’ various content creation tools.
The numbers don’t lie!
The aforementioned surge in interest in crypto and blockchain education is not just anecdotal but is backed by hard data.
Binance Academy, the educational arm of the world’s largest crypto exchange by volume, for instance, has reported a 62% increase in its user engagement between September 2022 and August 2023, bringing its clientele to 39 million since 2018.
Moreover, this interest is not confined to just established markets alone but has permeated several emerging economies like India, Bangladesh, Turkey, Ukraine, and Indonesia as well.
Institutional interest in crypto education is also on the rise, with Binance Academy’s collaborations with universities having more than doubled in 2023, with the platform actively engaging with more than 180 universities and working with 15,000+ students worldwide.
Looking ahead toward a decentralized future
As more and more people continue to gravitate toward using blockchain-driven ed-tech systems, it stands to reason that offerings like Open Campus and Binance Academy will continue to grow in popularity in the future.
For perspective sake, over the last quarter of 2024 alone, the sale of the aforementioned Publisher NFTs amounted to a whopping 243 ETH across 12 different courses, thus showcasing the immense potential of this technology.
Moreover, with the ed-tech market (valued at $106.46 billion in 2021) expected to grow and reach a valuation of $404 billion by 2025, it will be interesting to see how its continued intersection with the Web3 industry will influence its growth moving forward.
Interesting times ahead, to say the least!