DareNFT — Fairness to authors in publication
Like the rising tide lifts all boats, blockchain with its power has been empowering people in many fields. Publication is no exception. It is on the edge of a radical change. In the DareNFT project, digital books can be minted as a NFT on blockchain and locked with smart contracts to create an unprecedented source of revenue for their owners. A wide range of pressing problems in the domain of publication could be solved.
As a general matter, copyright infringement occurs when a copyrighted work is reproduced, distributed, performed, publicly displayed, or made into a derivative work without the permission of the copyright owner. Unfortunately, copyright infringement commonly occurs in publication.
Our project — DareNFT employs blockchain technology to permanently record the rightful owner of a book and no one could change it by any means. Blockchain technology, recording all contracts, verifying them via a decentralized model, makes counterfeit almost impossible. Furthermore, an AI-based program is used by DareNFT to check all drafts beforehand, making sure that the copyright can not be violated by anyone in the whole system.
Authors gain no profit from the secondhand book market.
Nowadays, in the publication field, authors or writers often receive an outright payment for their work from a certain publishing house and just get this one-time revenue by doing so. Revenue from any copy of a book, after being published by the publishing house and then sold to customers, goes to the publishing house’s pocket, not the rightful owner of the book.
There is only one way, as mentioned above, for authors to profit from their hard work.
DareNFT uses blockchain technology to bring about more sources of revenue for authors as well as giving them their own control over their creative work. Instead of publishing a book as a physical book, it can be published as a digital book, becoming a digital asset — a NFT- in our blockchain platform. Each NFT will be locked with a smart contract, making it unique and valuable. A major advantage of smart contract to a NFT — a digital book on blockchain platform — is that authors are able to set the percentage for royalty distribution and reap the reward for any resale transaction afterward. For example, an author publishes his or her book as an NFT and locks it with a smart contract stating that for each and every resale contract, the rightful owner of the book will receive 1% of it. The authors, therefore, could benefit from their creative work, literally, for a lifetime.
DareNFT applies a rental and subscription business model, in addition to basic value mentioned above, allowing authors to set an expiration date on the smart contract and at the same time, withdraw all kinds of rights that the owner of a copy used to have. The rightful owner of the book — its author, receives a wholeful right to sell and distribute the book again. The authors, again and again, are in control of their work, which benefits them with an endless amount of interval revenue.
Authors have no control over the number of books being published.
Authors often can not control the number of books being published and circulated in the marketplace, and they play a passive role in managing the circulation. Marketing and selling the books is of the publishing house; the number of books being published is also in their hand. There is no guarantee whether a certain book will become a best seller or not after being published
Publishing a book with DareNFT would be a really good perk to authors. A book, in the form of a NFT, will be locked with smart contracts and authors can control the number of books being published and circulated in the market easily and effortlessly. Authors can set a specific number of publications as they wish and this information can be locked in a smart contract to restrict a huge volume of books in circulation. All books available on the market could easily be checked and recorded precisely on the blockchain platform. Authors, therefore, are able to keep track of each and every transaction of their books, ensuring no fraud in publication and circulation.
Authors have no control over marketing and circulating their books.
Another problem with publishing books in the market is that there is no guarantee whether a certain book will become a best seller or not after being published. It will mostly depend on audiences’ preference and the effect of marketing being done by the publishing house.
This problem can be solved in the DareNFT project. Authors could take advantage of smart contracts to limit the number of publications and turn their books into rare assets, creating scarcity in the circulation. It is quite similar to the 1st edition of a certain book that any fan would crave for and be willing to spare no expense to buy at all cost, a digital book in the form of a NFT can be turned into a collectible to be more valuable in the market. Other problems relating to marketing will be solved as well. DareNFT has a unique feature which functions like the way Google Ads Word works, authors can request DareNFT to lock more keywords in the smart contract of the book to be shown priority rankings on search results. The larger number of people search and know about a book, the more likely the book can generate revenue. Marketing a book will be at hand of its author in our blockchain platform.
Authors play a passive role in publishing their books.
Currently, for a book to be published, it must be checked by a publishing house in advance. If it is accepted by the publishing house, authors will be paid for their work and their writing will come to life in the form of physical books. If they are not lucky enough to catch the attention of the publishing house, their hard work will never ever have a chance to come to life, and no one will know its existence. Harry Potter, a famous book series written by JK Rowling, for instance, had been refused by many publishing houses before it was finally lucky enough to catch the attention of one small publishing house to be published. Many other books had also been neglected at first by the literary agencies, namely: Gone With The Wind by Margaret Michelle, The Diary of Anne Frank or The Help by Kathryn Stockett.
Witnessing that excruciating fact, DareNFT uses blockchain technology or practical application of smart contracts to empower all writers, either professional or amatuer ones. There would be no middle man such as a publishing house to verify and control over publishing books. Everyone, who could write a book, is able to publish their work in the form of digital books or NFTs. These books will be valued equally on our blockchain platforms. Independent writers, amatuer and anynomous writers could all be paid for their work no matter what.
Translators, who translate foreign books into their mother tongue and vice versa, can freely choose a book to translate on DareNFT open blockchain platform. They could choose a book which they think is worth translating and potentially lucrative to translate and put in circulation. Just by carrying out a transaction to buy the copy of the book directly from the author, they are able to do their job without any support from often an expensive publishing house as a mediator. The powerful role of publishing houses does not mean a thing in the DareNFT platform. We will transfer power to the authors, readers and translators alike; they, now, can all receive net profit for their work and effort with DareNFT.
All in all, DareNFT would create more equal chances for writers to publish their work and motivate them to write much more. A wider range of books will be published without restrictions, which seems like an utopia for writers of all kinds. However, it does not fall far from capitalism. In a way, all writers can monetize their work with blockchain technology as mentioned above. Readers and content users would enjoy a wider world of books, even with inconceivable genres that have never ever been published before. Even though blockchain technology is still in its infancy, the very promising prospect for publication has already excited both writers and readers. DareNFT would contribute to shakening the mindset of people working in book publication and its own world, liberating writers in their profession.
DareNFT is the world’s first platform for ‘NFT 2.0 for Internet content’ — derivative content NFT. We revolutionize the NFT sector with the definition of NFT 2.0 in which rental and subscription models are applied in NFTs. With DareNFT platform, a song, a book, or a painting can be all tokenized in the form of NFTs and the right of using them for the purpose of remixing, translating, or reproducing respectively can be shared from creators to renters and subscribers. DareNFT is a fair platform that will protect intellectual rights of NFTs while allowing for a using right sharing and revenue stream sharing model among all stakeholders.