Publishing a Book as an NFT
NFTs are already paving the way for a new market for the book industry. Books as NFTs will revolutionize the way authors market and monetize their work.
NFTs are unique, cannot be replicated, and exist only in the digital sphere. Authors, indie authors, and publishers can use them to fundamentally change the book publishing industry by issuing their books, manuscripts, and illustration creations. They can publish and earn money instantly, making NFTs an interesting prospect for writers who value their creative freedom.
An NFT book is linked to blockchain technology that acts as an irrefutable digital contract between the creator and the purchaser. NFT books enable readers to own their digital books, and writers will be able to benefit from the blockchain technology that provesthis definitive ownership.
Let’s understand the ownership of a “NFT Book” through an example. If we send a photo via email, a copy of the picture is sent. So there can be a huge number of duplicates, and we can’t know how many copies exist or which is the original file.
While Non-Fungible Tokens allow us to trace who owns, for example, a digital work of art or the first edition of a book. Yes, we can also save the image of the NFT as a JPG via a right-click, but it would be like taking a photo of the Mona Lisa painting – just a copy or a representation. This does not mean that you own the original Mona Lisa.
What is an NFT?
NFT (Non-Fungible Token) is a unique digital asset representing anything digital, from artwork to video games and music, with ownership recorded on a blockchain, like a ledger of transactions. Non-fungible means that it’s unique and can’t be replaced by something identical. In other words, an NFT is a receipt that proves you bought a digital product.
The person who buys an NFT of a book, for instance, is the sole, official owner of that book. Though many people can buy its copies, but only one person can prove that they “own” it. One of the major benefits that an author may get while selling their digital work as an NFT is the inbuilt royalty system for secondary sales. Authors can get up to 10% of the profits on the resale.
The process of adding NFTs on a blockchain is known as minting. This is an act of putting the data in a public ledger, which can’t be changed or deleted. The most known blockchain that hosts NFTs currently is Ethereum. The transaction that takes place between the seller and the buyer is governed by smart contracts, as well as royalties.
How to Publish a Book as an NFT
Publishing a book as an NFT has never been easier or more popular, thanks to advances in technology and changes in the publishing industry. Self-publishing a book as an NFT has a number of benefits.
First, the author controls and owns the copyrights. You can also set your own price for the book and keep all of the proceeds from its sale. Your book will be permanently accessible and verifiable as NFTs are stored on the blockchain.
So if you want to publish your book as an NFT, first, you’ll need to find a platform that supports NFT book sales. Second, you’ll need to format your book into a digital file that can be stored on the blockchain. And third, you should create a digital cover for your book. This is a new way to self-publish your book and reach a whole new audience of readers.
An NFT is widely assumed to be a strange and obscure concept, and the majority of authors are unfamiliar with its utility in the publishing world. A digital version of the book might be a good option, if the audience exists.
Platforms for Cryptowriters
There are a few literary-specific platforms available for cryptowriters where they can sell their NFTs.
Creatokia, built by Bookwire, is a German company that makes it possible to buy Digital Originals (e-books, audiobooks) and to mint, trade and collect NFT books. They are one of the first to create an NFT platform for books.
Authors will have the chance to publish their works and receive a share of the sales revenue. Readers will be able to support and collect works from their favourite authors, and publishers can publish limited special editions. For selected books, there will also be a one-time opportunity to order a physical book for your own book collection!
Creatokia gives writers more control over their income. There is a huge resale market for NFTs, and through a platform created for literary works, authors can put a percentage royalty into the resale of any of their work. If it’s sold multiple times, writers essentially have their very own distribution chain from which they will continue to earn money.
BookVolts are a UK-based company that offers a high revenue share for all creators (80% on all sales), with a 10% commission for all resales of NFTs sold through the platform.
Authors can digitally sign and authenticate their work and set their own prices. Here writers can also put up their NFT books for auction in order to maximise earning potential. BookVolts even make the claim that they have minted the very first NFT novel – Robinson Crusoe, by Daniel Defoe. Minted entirely on the blockchain, it will only be accessible to the contracted owner, making it unique in the NFT space.
Can Anyone Publish An Nft?
While there are a few different platforms that allow for the creation and sale of NFTs, anyone can create their own NFTs as long as they have the right software and hardware. Transfers and purchases made by NFT are made public. If more copies can be produced at almost no cost at any given time, it is difficult to imagine how copies will rise in value. Due to the ease with which used books are now available online, the average price of used books has fallen.
Writing NFTs is also decentralized and censorship-resistant, in addition to being free for writers. As a result, there is no control or censorship over them, which is extremely beneficial for writers. Furthermore, because NFTs are stored on the Ethereum blockchain, they are fast and more environmentally friendly than traditional currencies. Typically, transactions on the Ethereum blockchain can take only a few cents to complete. It’s a huge advantage for writers who want to distribute their NFTs quickly and easily to a large audience.
To sum up, with proper research and experimentation, it is up to the writers and authors to make this new trend work to their advantage.
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