Pearson, a world-renowned book publisher, is considering adopting NFTs to sell their second-hand books to generate resale revenue. The CEO of Pearson, Andy Bird indicated that a team is “working on the implications of the metaverse.”
Physical books are losing their popularity day by day. For Pearson, the NFTs are a good way to resell its second-hand books and generate resale revenue for the company.
Despite being one of the best-selling publishing houses, Pearson is exploring opportunities to better its revenue. “Technology like blockchain and the NFTs allows us to pass through every sale of that particular item as it goes through its life. The possibility to participate in downstream revenues…I find really interesting.” said Bird.
The Pearson NFT books can be sold seven times only but the team still hasn’t completely figured out how they will design the infrastructure of NFTs considering the smart contract technology might not go well with the traditional way of re-selling books.
As of now, the team hasn’t reached a conclusive plan and is still in the progress of creating a metaverse. According to Bird, Pearson might introduce classes in metaverse to empower educational institutions and help them generate revenue.
The publisher’s insistence on expanding its business via blockchain and NFTs comes when it generated £160 million in operating profits in Q1 2022, which is a 26% increase from last year after it introduced online packages through its website and app.