Books are in for a wild ride.
Blockchain technology has the potential to change the way we read, write, and publish books.
*This article was originally published in Vagobond Magazine, Issue #2.
When, a year ago, Nuno, Diego, Jose, and I launched the very first version of Readl, we were probably one of the three projects whose vision was to bring books on the blockchain.
Since then, we have had countless interesting conversations with authors, publishers, artists, and web3 companies. We have been learning, tackling challenges, brainstorming, and dreaming of new ways to create and consume stories with blockchain technology.
Today, I want to share how, after a year of working in the space, I’m imagining the future of books, a future where NFT books are a viable alternative to traditional ebooks and web3 is a space of infinite possibilities, where everyone is rewarded and their work is valued.
We, at Readl, do not believe, nor have we ever believed, that speculating over NFT books will lead to success. Instead, we believe the blockchain will lead the next revolution in the publishing industry and that the community of authors, publishers, and tech companies will play a pivotal role in it.
A fairer economic model: higher profit and ownership
A couple of years ago, one of my cofounders and Readl’s CEO, Diego Torres, wanted to read with his 6 years old son “The Hobbit” in its Catalan version: he bought the ebook a few years back and something strange happened: the book wasn’t there anymore.
He thought he owned the book, but it turned out he had only rented it. He realized that e-books were different from physical books, and he didn’t have the same rights as a physical book owner. He didn’t own it.
Web3 is changing this. The real value of NFT books lies in the fairer economic model it provides for both creators and publishers, as well as readers.
The idea of owning a digital book, rather than simply buying access to it, will become a major factor in why people are choosing to purchase books on the blockchain.
The average reader may not be aware of it yet, but the idea of owning a digital book, rather than simply buying access to it, will become a major factor in why people are choosing to purchase books on the blockchain. This is largely due to the fact that the blockchain offers to the readers the peace of mind to know that their book will remain theirs forever, instead of just being leased to them, and that they can access them anytime, anywhere.
On the other hand, authors’ and publishers’ expectations will be higher: more control over their profit, transparency, and easier ways to manage royalties. By giving emerging authors and independent publishers more opportunities and access, we can expect to see the emergence of new genres and representation from communities that are currently underrepresented.
Better dialogues between stakeholders
I recently attended a meeting with my team at a large publishing house. They expressed their frustration of not being able to obtain accurate data on how many books of a specific author they are selling. And this was one of the reasons they were exploring books as NFTs.
The blockchain brings with it unprecedented levels of transparency.
Increased transparency will create a more equitable and efficient system for all parties.
This will be one of the factors that will revolutionize the dialogue between the different stakeholders in the publishing industry. Authors, publishers, industry professionals, and readers will all benefit from the same level of access to information, leading to better deals for everyone involved. Increased transparency will create a more equitable and efficient system for all parties.
Gatekeepers such as Amazon must reassess their policies and conditions, and shift their mindset from one of monopolizing the industry to one of building a future together with the community. This will require a change of perspective, as well as a willingness to embrace a new world of transparency. By working together, the publishing industry can move forward to create a brighter and more collaborative future, where all stakeholders are in a better position to benefit.
Exploring new ways to tell stories
The advent of Web2 and social media platforms introduced us to new ways of consuming content: it has enabled the rise of a new form of storytelling, micro-storytelling, which uses text, images, videos, and audio as well as real-time engagement between tellers and audience members.
The Harry Potter universe is a great example of leveraging the power of web2, as seen with the launch of Wizarding World in 2009, formerly known as Pottermore, a full set of extra content, engaging online activities, and merch for the most passionate wizard fans.
Web3 is taking a step forward.
What if buying a book would give you access to a secret chapter? Or if it would let you create (and potentially monetize) fan fiction? Or get you a customized version of the story?
From collaborative stories like Edenhorde and Jenkins the Vallet project, we are already witnessing how the Web3 community is exploring new technology and is bringing writing projects to life that were previously difficult to achieve on Web2.
Tokenized stories are already enabling unlockable content or access to special benefits and perks, but the future could bring no-code (and mostly very cheap) tools for creators to really build a whole new digital, interactive world around their IP, while being able to monetize basically everything.
A new Harry Potter adventure written by a surprisingly talented fan could be the next big jackpot of Penguin Random House and J.K. Rowling.
Or you could suddenly become the protagonist of a new sequel of Foundation (so we can forget the Apple tv adaptation). Everyone could have their own next-gen Wizarding World in just a few clicks!
We will see technology enabling creativity in a whole new interactive dimension and we can’t wait to see what the community will come up with.
A community that is unique
I’ve been building communities since community building wasn’t even a thing. But when I entered the web3 space, I was surprised to find that the community here is vastly different from web2.
There’s for sure a lot of hypocrisy and dishonesty going on in the space, where people are using the word community for their own gain.
But, if you keep the distance from most wen, frens, hodl, you discover that this community is truly unprecedented, almost like a religion where experimentation and innovation are the first commandments, and privacy and trust are the fundamental principles that drive us forward.
Rather than just seeking a quick financial return, members are now more focused on genuinely building the future of this space
Members are actively contributing to the growth of the space, and it’s incredible to witness the changes in mindset that have occurred over the past few months. Rather than just seeking a quick financial return, members are now more focused on genuinely building the future of this space. This shift in mindset has been inspiring and is a testament to the dedication of the community members.
They are continuously pushing boundaries, exploring new ideas, and taking risks in order to further the development of the space and create something extraordinary.
It’s a truly remarkable thing to witness, and it’s inspiring to see how many creators, readers, and innovators, are embracing the opportunity to be part of something bigger.
We should envision this community continuing to advocate and educate the public, inspiring their families, friends, colleagues, and neighbors to join our quest and improve, day by day, the space and its values.
We are responsible to create a fair, better space
We have a responsibility: we are the privileged ones who entered the space before anyone else. We are the pioneers who have the opportunity to really shape this space in its early days, to define, together, how books and stories will be part of our daily lives five, ten, twenty years from now.
I know it may sound naïve or idealistic to hope that society will not repeat past mistakes and will create a new space that is inclusive, fair, and equitable. I know that those who propose radical social change are often considered dreamers and that people who challenge the status quo often lose. But, we have a responsibility: we are the privileged ones who entered the space before anyone else. We are the pioneers who have the opportunity to really shape this space in its early days, to define, together, how books and stories will be part of our daily lives five, ten, twenty years from now. We are building the infrastructure and setting an example of how this community should be, its potential, and what it can achieve.
What we do may be a drop in the bucket, but that single drop will be added to many others to create change.
We cannot screw it up.
