Textbook publisher Pearson is planning to sell its books using non-fungible tokens (NFTs), and earn via secondary sales, thus writing a whole new chapter in the Web3 space.
Publishers could not make any money from second hand sales, but with digital textbooks, firms have grabbed an opportunity to do so.
Pearson CEO Andy Bird is of the opinion that NFTs have the ability to help publishers earn money from textbook resales, although he did not disclose his concrete plans.
Bird revealed, “In the analogue world, a Pearson textbook was resold up to seven times, and we would only participate in the first sale.”
Pearson said that with blockchain and NFTs, firms can participate in every sale of that particular item as it goes through its life. “The possibility to participate in downstream revenues […] I find really interesting”, he added.
This move can be seen as a huge step for the publication industry because many publishers are still unsure of NFTs, especially as their target audience still wants to hang around printed books.