NFTs for Books: A rising opportunity for authors and publishers
By now you must have heard a lot about the NFT books rage? Almost all the people from your friends, relatives, family to neighbours and colleagues must be boasting about all the NFT art they acquire until now. They must be encouraging you as well to purchase these NFTs. But are you sure you want to purchase them? Do you know enough about these NFTs to invest your hard-earned money on them? If not, they don’t worry because we have got you covered. NFTs are only in their beginning phase therefore it is no biggie if you don’t know anything about them. Now let’s dive into the basics of NFTs to understand it in detail.
NFT stands for Non- Fungible Token that can be owned and traded using digital cryptocurrencies such as Ethereum. They are digital collectibles that use blockchain technology for authenticity. NFTs are similar to your physical assets. The only difference is that they are digital and therefore can be treated as digital collectibles or digital assets. NFTs can literally be anything digital. It could be drawings, music, books, artificial intelligence, tweets, DMs etc.
NFT Art Market and how it is rewarding the painters and digital artists
But currently artwork pieces such as paintings and books NFT are creating a lot of buzz and using the tech to sell this digital art. Now a question may arise as to what makes these NFTs unique? The answer is simple. The artists put in all their efforts to make their digital artworks rare and therefore, sellable.
Let’s understand this point by taking a recent example. Mike Winkelmann popularly known as Beeple is a digital artist who generated a massive amount of $69,346,250 from a digital collage he made. Now the first question that might come to your mind after reading this is, what is so unique about this collage? Isn’t it? The uniqueness of this masterpiece lies in the time spent and the aesthetics used to make it. The artist Beeple posted the first art piece online on 1 May 2007. After that he posted a new art piece every single day for thirteen-and-a-half years. Now he brought those individual pieces together in the form of a collage called Everydays: The first 5000 days, a unique work in the history of digital art. In this digital masterpiece, he stitched all the same themes and same color palettes together to add an aesthetic vibe to it.
There are many marketplaces that have emerged recently to give us the benefit of buying and selling NFTs. Some of these marketplaces are OpenSea, Grimes’ choice, Nifty Gateway, and Rarible.
Now this is all about the digital artwork and the artists. Now let’s understand how authors, publishers and readers can make money by eBook NFT and book publishing NFT.
How are books on NFT proving to be beneficial for authors, publishers?
The best analogy that can be used to describe NFT book is ebooks. When you purchase a book on Amazon or any other book reading platforms, you only have digital access to the book and not the physical. Also, there is nothing unique with the book you own. The same book is available across the platforms and is owned by multiple users. This is where NFT book tokens’ worth come in. They hold empirical and creative significance and value for both publishing houses and authors. In order to understand ebook NFT, it is imperative to consider them as a particular copy among multiple copies of a book. Consider them as first, second edition etc.
How books on NFT are proving to be beneficial for readers?
Now let’s understand the benefit of purchasing NFT books from the perspective of a buyer. Buying an NFT is just like purchasing a physical asset. It provides you some basic usage rights. You can sell it any time you want to for a profit by tracking the value. It also gives an added bragging rights to the owner of the book with a blockchain technology to back it up.
Books on NFT have gained so much popularity in such a short time because of the interest shown in them by affluent people. Some affluent people are treating them as the future of book collecting.
NFTs for books offer the benefit for resales and royalties as well just like artwork. It means a person who has bought your book can resell it to some other party. It will not only benefit him/ her but will also benefit you in the form of royalty. You will avail the benefit of royalty on your books till the end of time. An author has the advantage of adding the percentage of royalty as per their requirement. Authors usually use 10% as their default royalty. This means whenever someone will purchase or sell your book you will receive 10% royalty on it till the end of time.