Have you come across or wondered "What is an NFT Book?". We hear a lot of confusion around this subject. We are here to shed some light on this nebulous subject.
- What is an NFT?
- What is an NFT Book?
- The Scarcity of NFT Books
- How Can Authors Benefit from NFT Books?
What is an NFT?
In a nutshell, an NFT is a digital representation that can be stored perpetually or used to trade goods on a blockchain. It's also known as an "artificial lifeform" because of its ability to create unique tokens that can be traded by anyone in the world.
There are many different types of NFTs—each with its benefits and downsides. For example, you could have an NFT that represents your house; it would allow you to easily sell your house through the blockchain. You could also use it as an investment vehicle by buying shares in that house and selling those when you get ready to sell your home.
We don't need that level of abstraction, so remember, the clearest way to define an NFT is a digital asset used to represent the ownership of something.
What is an NFT Book?
An NFT Book is a digital representation of your book (same as your ebook) but inheriting the properties of your physical book, like having a limited number of copies, or the ownership of every copy.
The idea behind NFT Books is that they enable people to create their unique pieces of art or memorabilia, and then sell that art in a way that's both easy and secure using blockchain. You can create an NFT Book in seconds—all you need is a computer and your day-to-day blockchain wallet.
🍀 NFT Books are also a great way for artists to earn money from their work: you'll be able to sell these books without ever having to leave your house or worry about being ripped off by scammers looking to get their hands on your personal information.
When it comes to selling an NFT Book, it's not the same as utilizing a publisher for digital or print books. Instead of receiving a percentage of the book's sales, authors who sell their work through NFT get paid the whole amount, less a commission, which can range anywhere from 10% to 30%.
Every time your NFT is resold, a portion of the proceeds goes to you. Typically, you'll receive a royalty of between 5% and 10%. The author has the option to select the NFT royalty percentage they desire in the majority of marketplaces.
The Scarcity of NFT Books
The uniqueness is what makes NFT Books different from ebooks.
NFT books are like Kindle books, but instead of just being electronic versions of print books, they're unique objects that exist in their own right (similar to Beanie Babies or Pokémon cards).
🍀 This means that when you buy an NFT Book from an online retailer, you're not only getting a digital copy of the text—you're also buying a unique piece of art that can't be copied or replicated.
Using NFT technology, we are helping to generate a limited number of personalized digital copies that may be preserved and enjoyed by readers in a responsible and personal digital library.
How Can Authors Benefit from NFT Books?
Authors can benefit from NFT books in many ways. If you are an author, then you must have realized that the thing that makes your book popular is its popularity.
The following benefits are a great persuader to start writing your first NFT book.
Copyright protection is one of the numerous advantages that NFT Books may provide writers. Because each NFT Book and its owner are recorded on the blockchain, there is no space for piracy. The royalties are paid after the ownership is transferred. Your material is yours to do with as you choose.
Each time your product is resold, you earn a percentage of the sale price. As an author, you are eligible to receive a portion of the proceeds from sales on the secondary market. If the individual who purchased your book decides to resell it, you will receive a portion of each sale. For both fans and writers, this gives them a sense of empowerment and ownership of the brand.
Your NFT Book can be further enhanced by including optional extras such as a unique course, one-on-one consultations, or even opportunities for collaboration. Your fan base will grow, and your NFT's worth will rise as a result.
If you are interested in creating your first NFT Book, MPL-Publisher is re-envisioning how authors produce, distribute, and monetize their creative works in new, exciting ways that directly connect them with their readers through NFT Books.
Do not miss this opportunity.