A non-fungible token, or NFT, is a digital asset backed by the Ethereum blockchain, representing a physical or digital item such as a work of art or film. When you purchase an NFT, a network of computers records the transaction and provides you with “proof of ownership” of the thing that the NFT represents.
It’s challenging to know what the NFT creative landscape means for authors who are already underpaid. At the same time, it is a platform for authors to experiment with form, publish, and make money directly and instantaneously without going through traditional publishing gatekeepers. It is also a brand-new subculture with no clear path to financial success or popularity. It is walled off from a wider literary market and society that doesn’t get it, posing thorny concerns about what aspects of writing are genuinely valued to readers. NFTs are thrilling for some. But there’s also a lot of turmoil.
NFTS Are Not Limited To Memes Or A Work Of Art.
NFTs can be a trading card, a newspaper story, or even a novel—anything digital. Because the NFT symbolizes an entity that isn’t recorded on the blockchain, writers can personalize how their writing NFTs are sold to reflect their work. In its most basic form, NFT technology may be used in the same way that an ebook can: a writer can create an NFT of a book’s cover and sell it, as well as provide the book’s text as a file that can be unlocked after the NFT is purchased. What distinguishes NFTBOOKS from ebooks is the ‘ownership’ and copyright claims. The NFTBOOKS has put a halt to the piracy that has long been an issue for digital writers.
Similar To Printed Books But Not Ebooks, What Exactly Are NFTBOOKS?
NFTBOOKS is not similar to the digital copies of regular eBooks available online. The eBook is yours as long as the online marketplace where you bought it agrees to keep it available. Owning an NFTBOOK is akin to owning a printed book since you have a unique copy amid similar copies. As a result, pirating an NFTBOOK is difficult, near to impossible, even when the author’s copyright is protected.
Upon discussing the platform’s uniqueness, the CEO of NFTBOOKS, Chau Nguyen, says that the platform will be the bridge between authors and readers, including the other aspects of the ecosystem such as translators, book rentals, etc.
“Another aspect of the platform we created is the audience we term “Lessons.” We create them as personal libraries on the platform, where they purchase books from authors and rent them out to readers. incredibly minimal cost, yet maximizing earnings for both writers and them.” said the CEO of NFTBOOKS Chau Nguyen while discussing the possibilities of his unique NFT platform.
NFTBOOKS predicts that NFTs for book publication is a revolutionary opportunity for readers and writers, opening doors for hundreds of possibilities. From eBook monetization to author copyright protection to providing more material to readers, NFTs will continue to transform and benefit the publishing sector.