How do we get readers from Web2 to Web3?
The early-stage NFT publishing dilemma
Written by Margarita Guerrero — Partner and Publisher Relations at Readl
You may have great content and a story to tell, but in Web3 there are no centralised platforms contributing to the discoverability of books and it is still not the space where readers go to discover their next read.
To date, in terms of Web3 adoption, successful NFT projects have been able to trigger expectations with concise storytelling, engage large communities of buyers around that content, reward them with compelling utilities, and continuously increase the value and engagement in this way.
Assuming that finding the right mix of storytelling, community, and utility is the basis of an NFT project, and considering that Web3 adoption is the major initial challenge, how can we translate this into the current stage of NFTs around any kind of fictional or non-fictional storytelling?
The current status of “readable” NFTs
[…]the web3 NFT space is predominantly inhabited by collectors and gamers. Not by readers, yet.
You may have great content and a story to tell, but in Web3 there are no centralised platforms contributing to the discoverability of books and it is still not the space where readers go to discover their next read.
There are actually many charts being shared on social media representing the existing NFT landscape and applications, but we haven’t come across a single chart that specifies books, text, or written content NFTs, and presumably, they fall under the category “collectibles”:
This is not only due to fact that they’re not relevant enough in terms of volume, but rather that the web3 NFT space is predominantly inhabited by collectors and gamers. Not by readers, yet.
On the other hand, and according to an estimation of the size of the global publishing market (+126 bn USD / 2022), there is a potentially huge community to discover the NFT book world.
Get the readers to Web3 to build that essential community around NFTs
Is the promise of digital ownership a sufficient incentive for a vast majority to overcome cultural and operational entry barriers?
For any Web3 enthusiast and digital reader, the concept and the experience of digital ownership is a fundamental game-changer. And here is the big dilemma: is the promise of digital ownership a sufficient incentive for a vast majority to overcome cultural and operational entry barriers (speculation, scam, crypto wallets, and currencies)?
For a minority, it certainly will. The curious, the crypto savvy, the early adopters.
What should book NFTs look like or offer to attract a majority of readers?
I think there is little sense in launching the now identical NFT version of contents that already exist in digital (epub, fxl, pdf). Mirroring what is already available in Web2 doesn’t provide enough motivation to enter the NFT space, overcome the Web3 entry barriers, and pay more for digital content.
NFTs are not only a new way to create content, but also a vehicle for new ways of interaction between creators (publishers, authors) and their audiences
Over the recent history of NFTs, we have learned that they don’t contain a magic formula that makes them valuable per se. NFTs are still products and the product value depends on many factors, such as what they represent and what you can do with them. We have also understood that they’re not only a new way to create content, but also a vehicle for new ways of interaction between creators (publishers, authors) and their audiences.
A new approach to content
Taking into account the current stage of the NFT market and trying to apply this to the publishing market, at Readl we encourage publishers and authors to think of content that their fans and readers would go that extra mile in terms of Web3 adoption and combine them with attractive utilities:
- Unique content, exclusively available as an NFT
- Stories rather than long books: short content (fiction or non-fiction), combining text and audio
- Stories that create a multimedia collection around an author o a genre
NFTs with engaging utilities beyond digital ownership, for example:
- Exclusive “meet the author” events for the collection owners (IRL / private chats)
- Access to advanced reading material
- Right to vote for or even participate in future stories
- Possibility to monetise contributions
This approach clearly focuses on the marketing side of the publishing business, and it will take a lot of effort and a good strategy to promote and communicate such an NFT offer to the audiences, but it’s only through that new, NFT-enabled interaction between creator and user and the access to new and exclusive content, that readers will want to enter the Web3 space and be part of that community.
A revolution we are leading as a community
Those who know the publishing industry will undoubtedly agree that the transition from print to digital seemed a revolution back then, but it’s nothing compared to both the challenges and the possibilities of Web3 publishing and we have to accept that this territory is still under construction.
It takes the will to try and experiment, with visionary and forward-thinking creators to build this new publishing economy and fill it with content, as well as open-minded, curious readers willing to learn and explore it.
About Readl
Readl — the revolutionary web3 platform that empowers authors, writers, and publishing houses to effortlessly publish, manage and distribute their multimedia literary content on the blockchain, with no technical expertise required.
With our platform, storytellers can build a decentralized library of literary NFTs, securing perpetual royalties and providing readers with seamless access to their favorite content from any device.
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