This guide will explore the basics of NFTs, their uses and consequences. It’s intended to serve as a quick reference for those wanting to learn more about these new digital collectibles that are becoming so popular in online games like CryptoKitties or CryptoSaga.
“How to turn my book into an nft” is a guide that will teach you how to take your book, and turn it into an nft. Read more in detail here: how to turn my book into an nft.
Last weekend, I struggled with the following issues in my head: Can writers gain by releasing ebooks as NFTs? And if so, what specific steps do they take?
A little exaggeration on the state of my mind. In actuality, I like these queries about NFTs and writing. They gave me the motivation I needed to continue my blockchain studies (I’ll use any justification).
If you haven’t been living under a rock, you’ve probably heard of NFTs for artists. It has been popular for the most of 2021 and so far in 2022. NFTs are widely regarded as the distribution method for art in the future. Whether or if it will really happen is still up for debate. But what about NFTs for writers who self-publish? What’s going on?
Are NFTs as game-changing for writers if they are for artists? Should writers “NFT” their books?
If you’re confused about what an NFT is and the abbreviation NFT makes your eyes water, hold on. I’ll simplify things for you to comprehend since that’s what I do.
If you continue with me, you’ll learn the following by the conclusion of this article:
What are NFTs in relation to book publication, and should writers follow this trend? Why? Why not, too?
Caveat: This is being written in July of 2022. Blockchain technology is rapidly evolving. There may be a lot more chances and developments on the subject than I now have if you’re reading this, say, in 2023.
In order for you to comprehend the technology, how it operates, and why it matters, we will go into a few key terminologies and concepts.
However, before we do that…
The quick answer to whether any of this applies to you as an author (or someone who aspires to be one) is:
NFTs matter to writers because they might indicate:
- more responsibility for your job.
- Direct, almost immediate payment from clients.
- the chance to produce distinctive, one-of-a-kind ebook files and accessories.
- greater royalties
Here are a few essential phrases and meanings in a simple form. Use the Table of Contents for this article to jump forward if you’re already acquainted with blockchain technology and NFTs.
To comprehend the significance of NFTs and developing publishing technology, you must be familiar with the vocabulary and fundamentals of the technology. And as a writer, you must be able to decide if this is something you ought to do for your own novels.
Since the technology that underpins NFTs is based on blockchains, we’ll start with a short overview of blockchains.
How Do Blockchains Work?
The foundation on which cryptocurrencies (and NFTs) are based is a blockchain. A chained-together collection of blocks (records of digital transactions) is referred to as a blockchain.
Blockchain technology is certainly something you’ve heard about in relation to cryptocurrencies like Bitcoin. However, the technology has many other applications outside cryptocurrency. For instance, a blockchain is the foundation of Bitcoin. The same is true for NFTs; hold on, we’ll get to the NFT explanation shortly. Blockchain technology is the foundation that enables both NFTs and Bitcoin to operate.
5 Fundamental Features of Public Blockchain Technology
We are talking about open-source, public blockchains for the sake of this paper and the idea of NFTs for writers. This is significant since blockchains may also be privately used.
I’m using the conventional banking system as a point of reference as I describe these features to offer you perspective.
When you do business with your bank, the bank acts as a “middleman” between you and the other party.
You must thus adhere to the policies and guidelines of the banking sector. Additionally, and perhaps most crucially, there are fees and scheduling delays imposed by the bank on your transaction.
Due to the decentralized nature of blockchain, there is no intermediary. There is no central authority overseeing transactions, allocating banking fees, or establishing deadlines.
We refer to the same transactional regulation stated before as a trust system. This is how banking works. You put your faith in the bank and the system(s) they utilize by using the banking system to conduct transactions. As a “trust agent,” the bank.
A blockchain transaction goes through verification processes to ensure its legitimacy.
By doing this, absolute control by a single entity is eliminated.
Banking transactions may be changed or reversed after they’ve been completed. Not the case with blockchain. The following blocks are constructed to create a record that cannot be altered after a block (transaction) has been verified and recorded on the chain.
This minimizes fraud and mistakes.
Data on the blockchain is unchangeable, and transactions are visible to other network users.
This lowers possible corruption and fraud.
Public blockchains are open for everyone to view and do business on.
It gets rid of gatekeepers.
In summary, a blockchain-based asset transfer between a buyer and a seller is quick, secure, and direct.
As was already established, a blockchain may serve as the foundation (the backbone) for much more than just cryptocurrencies, and many of the same benefits of the technology for cryptocurrencies also hold true for the publication of ebooks using NFTs.
What Do NFTs Do?
One kind of token is an NFT. NFTs have a variety of uses. However, all that is necessary to know for the purposes of this essay is that a token denotes either assets or access rights.
A token in the realm of blockchains might be fungible or non-fungible.
Tokens that are fungible may be traded for one another. They may be switched out. They are equivalent in terms of value (think: a dollar bill can be exchanged for another dollar bill). There are several fungible tokens.
NFTs (non-fungible tokens) are distinct and cannot be traded for one another. Consider a Rembrandt work of art. A Rembrandt cannot be exchanged for a Picasso. They cannot be switched out. Each of them has a special worth.
A store of ownership is an NFT (remember earlier we defined a token as either assets or access rights). In the case of ebooks, access rights are in question. Actually, you aren’t converting your ebook into an NFT. The NFT stands for ownership of the ebook in this instance.
You must be certain that you are not converting your book into an NFT. On the internet, it appears that this idea is being misunderstood. The ebook is not included in the NFT. As implied by its name, the NFT is only a token that stands in for the ebook.
Consider the token to be the book’s title. Similar to a digital signature, it establishes ownership. The NFT includes access to your book and any other materials you’ve decided to accompany the ebook (included into the code).
NFTs vs. NFTs for Authors: NFTs for Artists
Here, it’s important to draw certain boundaries between art and ebooks. I described a Rembrandt artwork and its distinction before. In the conventional sense, an ebook is not distinctive.
Both books are identical if I purchase one ebook and another person purchases the same ebook. Both are commonplace.
So how might the NFT principle be used with ebooks?
Here’s where writers who take use of this new technology may pave the way. There are several options, and writers are free to be inventive with their works.
- the introduction of a few “first buyer” versions with special supplemental content (such as audio files, illustrations, etc.)
- writing collections (for example, bundling stories or a series)
- physical books and digital together, or adding extras to the book (think: a limited edition lightsaber that comes with a Star Wars ebook).
- Additional inventive book additions (such as world-building maps, cover illustrations, character illustrations, etc.)
There is potential for creativity and invention since the world of books and NFTs is still in its infancy.
NFTs’ benefits for authors
Here are some benefits of using the blockchain to publish books as opposed to, example, using a regular publishing business or doing it yourself on Amazon:
royalties that are paid directly to the author by the customer.
authenticity of the author’s work and its verifiability. Unfortunately, it’s simple to copy works of art, including literature, and sell them as originals. NFTs don’t work like this. Because they are based on blockchain technology, each piece of labor has a specific “key” that is stored in the blockchain itself, which functions as a ledger. Each item only comes with one key. As a result, there is a lower likelihood of unlawful duplication.
In a world where copyright rules still do not prevent plagiarism, cloning, and the theft of works, this is a paradigm-shifting development.
greater royalties Putting your book on a blockchain eliminates the mega middle man that is the publisher or distribution house. This means much higher earnings. Even with the costs of creating the NFT and any transaction fees, the royalties would still be higher than non-blockchain publishing.
total accountability at every stage. The author benefits from this, since there are less potential for issues like copyright infringement, plagiarism, and book cloning, all of which are problems in both the conventional and self-publishing realms.
The legitimacy and ownership of the book are apparent since it is on the blockchain.
For instance, when someone buys a book on Amazon, you get a copy (hopefully from the true, legal copyright owner). That the book hasn’t been duplicated, cloned, etc. must be believed.
Because every NFT on the blockchain has been independently validated as genuine, buyers don’t need to ‘hope’ while making purchases.
Long-term royalties may be possible. Imagine creating a book on a blockchain that you then self-publish. Jennifer chooses to resell it to her coworker Jonathon after reading and buying it (also on the blockchain). Don’t take it personally, but after reading the introduction, Jonathon decides he doesn’t like it and decides to sell it to an arbitrary bidder (also on the blockchain).
This network of retailers is nothing new. Daily, this occurs with actual books on Amazon. However, when Jennifer purchases a book via Amazon or another retailer, the author is compensated. Story over. a single payment An author may get royalties throughout the sales chain using the blockchain. To ensure that the author received a portion of every transaction made by both Jonathon and the subsequent random buyer.
There is always a but, however.
Unfortunately, not everything is now sunshine and cupcakes. There are certain things to think about that may potentially put a wrench in the works before we drop everything and pay respect to the beautiful world of books on the blockchain.
The Ethereum blockchain is now where the majority of NFTs are minted (produced). The Ethereum blockchain has benefits and drawbacks, just like everything else. One of the drawbacks is cost. An NFT is often created (or “minted” as it is referred to) using costs. The costs are determined by the blockchain, the market, or publishing platform (if you’re using one), and other factors.
Corporations will no sure fawn over the publishing on the blockchain market and provide a wide range of applications and services for writers to use in order to publish via them into the blockchain.
As Dan Holloway, the news editor for the Alliance for Independent Authors, notes, “just as the internet threw up Amazon to take away its peer-to-peer marketplace focus without us really noticing, so blockchain will probably throw up really useful enabling platforms that will take a large cut in exchange for their service.”
This must happen. This, in my opinion, is one of the reasons for writers’ urgent desire to investigate NFTs. Investigate this environment, learn more about it, and, if it aligns with their brand, community, and goal, seize the opportunities.
In other words, be ready so that when the big corporations enter this market, self-published writers will already be blazing the road and demonstrating others how to do it if they decide not to utilize a “middleman.”
You still need community and must choose if this is appropriate for your viewers.
NFTs are very young, therefore the markets can’t be compared to massive platforms with millions of users like Amazon.
How can prospective readers discover your book NFTs, if you’re an author? Do you already have or are you prepared to create a community that is interested in the NFT idea? Build it and they won’t come doesn’t apply here.
How & Where to Create Your Book NFT
You must “mint” an NFT in order to make one. The process of producing an NFT on a blockchain is known as minting.
Consequently, how do you create an NFT for an ebook?
I’ve done extensive study to identify the most straightforward approaches to publish content into the blockchain. You guessed it—there isn’t just one method.
Here are the key choices I’ve so far discovered:
Three venues for NFT book publication
Publica is a blockchain-based marketplace for ebook purchases and sales. For writers to pre-sell their works, it also features a crowdfunding option.
You may add ebooks to Bookchain’s inventory by publishing them there.
Authors may publish and advertise book NFTs using Books Go Social.
Five NFT book marketplaces
For artists, NFT markets are the rage. Authors have a difficulty since the majority of them do not accept pdf files or other text-based formats.
NFT marketplace for books called BookCoin.
Audio and text on Creatokia.
If their file sizes permit, audiobooks may be downloaded through Mintable.
If they fall inside the file size restrictions, rarible audiobooks.
If their file sizes are within the limits, OpenSea – audiobooks.
Take note of the previous remark about file size restrictions. These markets all have file size limitations.
You might even create your own smart contract by programming it (the programming behind an NFT). This would obviously be more difficult than utilizing a publishing platform or marketplace, but it is a possibility if you are familiar with writing smart contracts yourself or would prefer to pay a developer to do it for you.
Future NFT Options for Authors and Writers
There are presently no alternatives for pdf or other text formats on the largest NFT markets, such OpenSea and Rarible. You cannot, however, publish an ebook to these markets, but I anticipate that will soon change.
I contacted OpenSea to inquire about this and am awaiting their answer. When I hear back, I’ll update this post as necessary.
Additionally, I discovered a few book NFT systems that seem to be in the “beta” testing stage or the “coming soon” stage, where users may sign up to get notifications when the services are ready for use.
Still early in the process.
I’ve lagged behind most developing technology for the previous 20 years, and I’m minting my own NFT for one of my novels because, if there’s one thing I’ve learned, it’s that lagged behind isn’t good enough. The ideal position is in front of the curve.
Perhaps I’ll be in front of a curve that never moves. Possibly, newer, more advanced technology will emerge, leaving the idea of NFTs for books in the digital abyss.
Like with any new technology, it is impossible to be certain. However, I’d much rather have some fun and explore my writing’s potential.
The “nft book pdf” is a guide that will teach you the basics of NFTs. It also includes many examples of how to use them.
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