How do Books and Publishing emerge with Blockchain technology and NFTs?
Books, in addition to being one of the oldest communication formats, are undoubtedly one of the greatest sources of knowledge in the world, full of testimonies, stories, magical tales capable of holding us to a set of pages that were once blank.
The potential is huge and with the blockchain technology revolution, we will soon see a new way of consumption in the book industry. As Toni Morrison once said, “If there’s a book that you want to read, but it hasn’t been written yet, then you must write it.” — And we are writing it. Readl is writing it. All of us will have a contribution to this new chapter of the book industry.
The Rise of the Crypto Writer with NFTs?
The moment has arrived. Who would have thought that the reshaping of the publishing industry would lie in a highly disruptive technological advance which, in the first instance, had nothing related to physical assets like books?
Let us explain — An NFT, or non-fungible token, is a type of digital good, similar to a cryptocurrency. As the name implies, these goods are not fungible — that is, they cannot be replaced by identical ones (a car, for example, is a fungible good). The great advantage of this type of goods is that, just as it is possible to prove possession of a currency such as bitcoin, it is also possible to prove that an NFT belongs to a specific person.
A digital work by an American artist was recently auctioned for 69.4 million dollars, however, and unlike what normally happens at art auctions, the buyer of Beeple’s work, titled Everyday: The First 5000 Days, did not receive any physical objects such as a sculpture or a painting — instead, he received a virtual file, and NFT.
In the crypto world, artists rule.
How do NFTs work?
An NFT is nothing more than a virtual object that has been inserted into the blockchain in order to create a record of its ownership. In a way, it’s like creating a digital certificate of authenticity.
As with cryptocurrencies, a record is kept in the blockchain of who has a certain token. This registration cannot be falsified, as it is ensured by a network made up of thousands of computers all over the world.
From there, it is possible to send the token to another address, thus transferring ownership.
THE MAIN VALUE OF NFTS IS BASED ON CONFIDENCE OF AUTHENTICITY
We are, without a doubt, in one of the best moments to rebuild an industry attacked by the self-interests of certain identities, leaving thousands of years of history reduced to censorship and a single will that does not reflect the respect we should have in every book that is written.
How can writers and artists benefit from Books as NFTs —
When a book is written, several physical copies of the same book are created, divided into editions. Here, a writer will have to place his book in a publisher so that it is distributed by the mass market and gets into the hands of readers. The problem is that during this process, the writers keep a small portion of the entire revenue.
Also, as Orna Ross, Alliance Independent Authors founder defends in the article Blockchain for Books —
“Self-publishing 3.0 is seeing authors establishing sustainable publishing business models, with a clear understanding of how to trade their intellectual property rights in a digital age,”
On the other hand, if a writer decides to create his book on blockchain technology, multiple copies of books will be created as NFTs. Here the writer is free to decide what to do with these NFTs and will always have in return the major royalties of the sales of those books minted.
The digital collectible will give his readers access to all sorts of goodies and extras that are related to the book. And remember, these extra NFTs inserted in the book can be in the form of images, GIFS, sounds, or even videos.
Linking the Digital and Physical assets
The big secret in the success of NFTs will be related to the fusion of the two worlds — Digital and Physical.
While all NFTs are digital, there will be a demand to complement certain “physical” products or services with this technology. For example, it will be possible to sell the first 50 copies of a book on NFT with editions, special benefits, and unique to these holders, with an added value. These first “early adopters” of the book may have the opportunity to personally private or via zoom with the writer, have access to private events with the writer, have some kind of opinion or contribution in an upcoming edition of the book, or even, in this case of being able to add special NFTs to each book, create a unique story in each book based on the NFTs that each reader has for example.
So, there is a big question now. What will be the next step in the Publishing Industry related to blockchain technology and NFTs?
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