NFTs for Books, Authors and the Publishing Industry
The use of crypto and blockchain is broad. This has seen the promotion of trade and transactions in many industries. Being at its peak, many writers and publishing companies are slowly embracing tokenisation as a way of improving sales portfolios and attain more audience to read their books.
- In every normal market model, the prices of a commodity are controlled by the supply and demand of the particulars. Similar to the blockchain technology model. Where a real-time or periodic market for the books is established, their prices can vary depending on the demand. Tokenisation of books on platforms such as NFT Intellect can serve as a new distribution channel where people purchase the books, produce the necessary tokens to hold a copy of the book and make it available to be borrowed by other readers.
- Increase in revenue to the author. Every time a transaction takes place between an eBook buyer and the seller. A transaction fee could apply between either parties or both. The fee could also apply depending on the length of time one copyholder has had with the book. The holder can be charged a daily rent fee. Parts of the tokens collected could then be paid to the writer of the book or the publishing company.
- Ease of transactions. The use of blockchain can enable easier transactions of eBooks between parties. This is achievable by providing a book swapping, lending, or renting platform. Under tokenisation, the book has immutable content, therefore, a reader can begin as soon as the tokens are transferred to their accounts.
- Curbs copyright theft and reproduction. Any time a book changes hands, tokens are transferred from one e-wallet to another. The book seizes to exist from the sender’s wallet and instead reflects on the recipient’s wallet. This kind of transaction makes it impossible to reproduce illegal copies of the book. It, thus, makes it easier to track it as compared to hard copy books.
- Ease of accessibility. Book readers assured value for their tokens. This is because they can easily access the price information for whichever book they might need from the order books. The process increased organisation on the side of the reader.
- The blockchain technology model is very transparent. The data is up to par and well updated in the system. Book purchasers are able to know all restrictions, terms, regulations, and conditions that they are supposed to observe before they acquire the books pre-hand.
- Increased transparency. Due to the prevalent transparent levels of the blockchain network, a buyer’s chances of being defrauded are minimal. The seller and the buyer are assured of a successful transaction. This promotes trust between all the parties involved in the transaction.
With the constant call of an integrated world, embracing blockchain technology is important to attaining transparent book authorship and sales. The benefits, evidently, outweigh the risks. Investing in this model hence is recommended. A benefit of issuing an NFT is the ability to earn a piece of the bid fee every time the NFT receives an offer. Some marketplaces keep 100% of fees to themselves but platforms like Zloadr, reward the NFT creator or rights owner if the asset.