NFTs for Independent Authors

By May 13, 2022NFT
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NFTs are one-of-a-kind blockchain technology that only exists in the digital realm. They keep track of an item's source. The non-fungible tokens are digital assets, with ownership recorded on a blockchain, similar to a transaction ledger. When an NFT is sold, it is recorded on the ledger (blockchain), which keeps track of who has it.

Authors can use the NFTBOOKS platform to sell books or poems straight to readers, bypassing the regular publishing procedure. NFTs are an intriguing proposition for authors who value their creative freedom since they can experiment with form, publish, and make money right away.

The term "non-fungible token" refers to a token that is non-interchangeable. Knowing this doesn't help explain NFTs, but the notion is straightforward. Non-fungible indicates that it is one-of-a-kind and cannot be replaced by something similar.

How is NFTBOOK Different From Ebooks?

“NFTBOOKS will be a direct link between writers, readers, and other ecosystem objects (translators, book rentals, etc.) that will be closer than ever before, with all intermediary procedures removed.” Chau Nguyen said during an interview.

A receipt that verifies you purchased a digital product is known as an NFT. A person who purchases an NFT of a book, for example, is the book's only and recognized owner. It's a one-of-a-kind, cryptographically produced receipt that can't be duplicated. Although a digital object like an eBook is easily replicable, the NFT stands apart because it provides verifiable public proof of ownership. A large number of individuals can read your book. They can even purchase copies, but only one individual can "own" it.

A benefit of selling a digital work as an NFT is that it has a built-in royalties mechanism for secondary sales. This is not yet available on the book market. You may swap and sell a book several times when you buy a book. The original author will not be compensated in any way. However, with NFTBOOKS, writers might receive up to 10% of the resale revenues.

"We will push the world's readers' price per reading to zero ($0.0001- $0.00001) per reading. This makes it easier for readers to stop looking for pirated books on the market."

NFTBOOKS is an Australian-based firm co-founded by Roland Hayes and Chau Nguyen that allows authors worldwide to print and distribute books through blockchain technology. They have already blazed the trail in terms of digital publication. They are now one of the first companies to develop an NFT platform for books.

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