Pearson is exploring NFTs and blockchain for digital textbook resale

Resale of textbooks is common practice for students. Pearson now wants to secure a share of these resales.

Pearson, one of the largest textbook publishers, is currently looking for ways to increase sales from online resales achieve textbooks. To capitalize on second-hand sales, the publisher plans to convert its titles into non-fungible tokens (NFTs).

By using a blockchain-based NFT platform to distribute his textbooks, Pearson hopes to reduce second-hand sales. Because if more of his books go online, this opens up an opportunity for the publisher to also earn money in the used market.

Textbooks are often resold when students offer the resources they no longer need to others , with students buying used books to save money. It is estimated that US students between 628 and 1.471 spend US dollars per year on books and supplies, while textbook prices average by

with each new edition Percent increase.

New business idea leads to expanded distribution channels

Andy Bird, CEO of Pearson, told Bloomberg that the publisher is looking at blockchain and NFTs as a viable option to secure the company a portion of the proceeds from online sales of used textbooks:

“In the analogue world, a book has been resold up to 7 times. But we only have something from the first sale. The transition to digitization is helping to reduce the secondary market. Technologies, such as blockchain and NFTs, allow us to constantly participate in every sale of that particular item. I find the opportunity to participate in downstream sales very interesting.”

Als The publisher named its printed edition of “Fundamentals of Nursing” as a concrete example. This is new for 70,99 £ (70,88 $) over the counter. It could later be resold to other students several times without the London-based publishing group sharing any of the proceeds. Since more and more textbooks are digitized anyway, CEO Andy Bird wants to expand the old distribution channels and thus secure a piece of the pie for the publisher.

An NFT or non-fungible token is a digital file, the identity and ownership verified using blockchain technology. So far, NFTs have mainly been used for images and graphics. However, as the publisher is currently examining, the technology has other potential applications.

Pearson is exploring options with blockchain technology

Bird stated that the company was looking for ways to resell textbooks in digital form. Such an online resale would be possible by means of NFT. As a result, the textbook would have a unique identifier and would thus be protected against duplication at the same time. This can be traced back as it changes from owner to owner. A rep for Pearson told Business Insider that the plan is still a long way off:

“For at this time, Pearson has no specific plans regarding this technology. However, we are certainly interested in how it can improve learning for students and also add value to other stakeholders. Technologies like blockchain could create transparency for everyone and

would have the potential to pay off for both authors and students make. We have a whole team working on the ramifications of the metaverse and what that might mean for us.”

Pearson’s spokesman also pointed out that the company had previously offered digital textbooks at lower prices than printed versions. The publisher will continue this practice in the future in order to make its books available to as wide a customer base as possible. Reuters was specifically informed that the publisher’s e-textbooks are already available at a price of 12 US dollars to have. In comparison, an average textbook costs about 110 US dollars.

“NFTs would be no different because they would allow us to deliver better quality content than printed books and at a lower price.”

Critic’s Voice

The freethoughtblogs.com reads about this under the title “I guess I’ll have to find a new genetics textbook”:

“Nope. No no no. Textbook publishers are already beating out the students – the latest issue of Concepts of Genetics costs 197, $ – and that’s not enough for them, they want to get coins for each resale. It hurts the students too, because if nothing else, they can recoup some of the cost through resale (at a massive discount, btw), and now Pearson wants to snatch some of that resale value away from them.

I think I can find some texts online that will do the work for the students for free. When the bookstore puts out their annual call for textbooks, I wonder what they’ll think if I tell them not to order? It’s going to hurt their business a bit.

You know who else gets hurt by Pearson’s greed ? William Klug, Michael Cummings, Charlotte Spencer, Michael Palladino, and Darrell Killian, the scholars who are the authors of the textbook. It’s already a low-paying job writing textbooks and they’ve done a good job, but now Pearson’s selfish selfishness will cost them royalties.”

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