In an attempt to claw back some of the income lost to second-hand sales, Pearson, the company that publishes college textbooks across the globe, is moving into non-fungible tokens (NFTs) Digital textbooks, to be exact. Over time, many students have found it more convenient and cost effective to buy their required textbooks digitally. So, Pearson is taking advantage of this fact and profiting from this opportunity.
The London-based company has been pushing into digital books in recent years, announcing in 2019 that it would begin releasing its titles in digital format in the US college market first.
Over the past five years, the traditional way of purchasing textbooks has decreased. Less students have been buying physical books. However, those who still do, resell them to make a profit. Textbook companies have noticed this and want a cut of this reselling deal.
Therefore, the NFT deal was introduced. Pearson can now participate in any sales made after the NFT textbook is purchased. They can now track where that textbook goes. The company now participates in every sale their items go through. “In the analogue world, a Pearson textbook was resold up to seven times, and we would only participate in the first sale,” Pearsons CEO Andy Bird told reporters at a press conference. Pearson already estimated there would be at least £100 million worth of savings from this change. The move is said to “diminish the secondary market” as stated by Bird.
In layman's terms, they want to lessen the number of people profiting off the book after purchasing it. The company is taking steps to ensure they get the most out of every product sold. This may also mean that the price of these textbooks would go up. Many students may be taken aback by this, and many aren’t very happy. There has already been opposition to this decision on social media. One Twitter user stated, “This is your friendly reminder that pirating textbooks (especially if they’re published by Pearson, Elsevier, or McGraw Hill) is totally ethical.”
Several companies have taken it upon themselves to convert items into NFTs, and this is just one of them. Despite the rejection and mockery of the modern currency, business owners and even collectors are taking advantage of any NFT that comes their way.
Edited By: Chanelle Jassim
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