NFT for Books: The impact of growing demand of NFT on authors
What are NFTs? And can books be used as NFTs?
Are you an author or publisher who is currently fascinated with the concept of NFTs? Do you believe that books can become a non-fungible token? Or are you someone who believes that only digital art and videos are worthy of becoming NFTs? If yes, then we are here to break the myth and guide you how authors and publishers can benefit from NFTs. In this article, you will also learn how assets like books utilize blockchain technology to change how royalties are distributed and resales are tracked.
NFT or Non- Fungible Token are digital collectibles that can be owned and traded using digital cryptocurrencies such as Ethereum. They are basically unique and indestructible digital commodities that store the ownership in the blockchain technology for authenticity.
Importance of Non-Fungible Token for authors and publishers
If you are an author, you must have surely chuckled about other people re-selling your books across various e-commerce markets, such as Amazon, eBay, etsy etc without giving you a percentage of resales or royalty. But you don’t have to worry because NFTs are here to provide you that much needed recognition and provide you with a passive source of income. If the anticipation of world-renowned leaders and researchers is right, then NFTs might change the game for authors and publishers.
But now the question arises, what is so unique about book NFTs? Why would readers spend their hard-earned money on purchasing NFTs? The people who adore you or your work as an author want more and more from you. Some of your dedicated fans want to know about your life more, want to see you more, hear from you more, buy more from you, and know the reasons that inspired you. Therefore, it is your duty to fulfil their desires and make them happy. And how can it be accomplished? By providing them with the NFT of your books. Consider them as a particular copy among multiple copies of a book. Consider them as first, second edition etc.
How to get royalties from first sale and resales from NFT books?
Let’s delve into the process of buying and selling NFT for books. When someone buys an NFT for a book, an entry or hash is made on a blockchain that clearly states the ownership acquired by the buyer. When the same resells the NFT, a new entry or hash appears on the blockchain which clearly shows that the ownership of the particular has been transferred. This record of buyers and sellers of Non-Fungible Token is publicly accessible.
Now you might be wondering, what is the benefit in it for the authors. Then here’s the catch. Every Time someone buys or sells the book, the author of that book will receive a percentage of resale and royalty unlike the print media where the revenue ends after the first version is sold out. This creates an additional passive source of income for you as an author. The percentage of royalty can even be determined by the author himself/ herself. Currently, 10% – 15% royalty is being charged by the authors but there are anticipated to go up with rise in demand for NFTs. These digital collectibles are God-send and revolutionary for the authors.
Non-Fungible Token also helps in getting rid of piracy and plagiarism. Let’s find out how? With every sold or purchased comes a data entry that is stored in the blockchain technology. Every time the ownership of the book gets transferred, it is recorded in the blockchain and royalties are paid and received systematically.
There are some downsides of Non-Fungible Token for books as well
With benefits and advantages comes disadvantages too. Not everything about NFTs is accurate right now. The major reason for the downside is that NFTs are still in their nascent stage. They are still developing and everyday one or two changes are made to the process. Some loopholes that are too serious to be sidelined are:
- There has been an exponential growth in the number of people who are purchasing NFTs for books. But unfortunately, most of them do not consider both sides of the same coin. They only consider the benefits and invest. They do not even familiarize themselves with the legal restrictions relating to the copyright issues. This lack of knowledge leads to infringement of copyrights.
- Another downside is that other people might start creating an eBook NFT that original authors are not selling. Due to the availability of everything online, some people can engage in dubious activities and steal the works of original authors without asking permission or even letting the authors know and create an NFT out of it. Because of which it becomes super important that authors themselves take the advantage of NFTs before someone else does.
- Non-fungible tokens or NFTs are widely responsible for climate change. Cryptocurrency is the only medium of buying and selling NFTs currently which is quite damaging for the environment. These digital cryptocurrencies produce millions of tons of carbon dioxide emissions which in turn are responsible for heating the planet. The information stored inside the blocks of the blockchain technology changes with every different transaction thus generating a different hash. More people buying NFTs and its widespread popularity means more power and more resources needed to enter information and generate hash. This is the reason why many avid environmentalists are coming forward and questioning the crypto universe. They are also urging the people in power to make use of clean, green technologies in Blockchain to record the buying and selling of NFTs.
If you are an author or publisher who is searching for a platform to begin the journey of learning or bidding NFTs for Books, then we are elated to announce that RollingSlate provides such a platform. You can bid on current book NFTs or list your book as an NFT to earn money and popularity.