Complete Guide on NFT Books for Beginners
NFT book publishing exists and surprises many NFT enthusiasts. A nice NFT books platform can give you many great things to purchase or become your chance to publish a literary work! Here is everything regarding NFT book rights and other peculiarities.
What are NFTs?
To better understand what non-fungible tokens (NFTs) are and the difference between them and fungible cryptocurrencies like Bitcoin, Ethereum, and USDT, let’s draw an analogy with works of art and dollars.
Changing one piece of art for another makes a difference: works by Picasso and Van Gogh aren’t the same, so even if two pictures cost the same, it matters which one you buy. Nevertheless, we can change a hundred-dollar bill for the same hundred-dollar bill, and it has no difference.
NFTs are digital assets that represent ownership of unique items or pieces of content. Any specific thing can be tokenized!
The NFT market capitalization had exceeded $40 billion by the end of 2021, and the sales of non-fungible tokens increased fivefold compared to the previous year.
Not only are individuals interested in NFTs, but big brands also research opportunities to apply this technology in their business. For example, Nike offers to buy NFT sneakers, and Time magazine tokenizes covers and sells them as NFTs.
NFTs are a trending technology that can interest art collectors, investors, and companies promoting their services using them. Non-fungible tokens are also used in gaming! Thanks to blockchain technologies, users can trade their earned in-game items easily. Also, players can transfer items from one game to another if they are compatible. These features attract users, such popular games like League of Legends are also likely to start using non-fungible tokens.
Ebooks VS NFT books
Ebooks
Ebooks are presented as downloadable files that can be purchased online. An ebook is essentially worthless outside of apps like Kindle or Kobo reader.
Ebook copyright protection is not foolproof. There are still ways for ebooks to be pirated, so even copyrighted materials can be reproduced or distributed without permission from the copyright holder.
To get royalties for books from a publishing platform, authors must wait for a long period, receiving only 15-70% royalties.
NFT books
NFT books can be purchased on NFT books platforms on a blockchain.
Moreover, they can be resold, which is rare for ebooks. The opportunity to make money on resale attracts investors, so NFT books are considered long-term investments. Limited edition adds value to this kind of asset.
The use of blockchain technology allows for secure and verifiable proof of ownership, which helps to protect against copyright infringement by allowing the true owner of a digital asset to be easily identified.
Authors often offer additional benefits readers can get if they buy an NFT book. For example, a buyer can get access to a master class or get an opportunity to meet the author.
Writers benefit from the resales of their books as they get a commission on every transaction carried out with their work. The author can determine the commission rate. Usually, it is about 5-10%.
Authors receive all the profits from the book’s sale, excluding the service fee defined by a marketplace.
Where to Buy an NFT Book?
As for now, it is impossible to purchase NFT books on Amazon. Creating a crypto wallet and going to an NFT book marketplace is necessary.
Top NFT marketplaces are OpenSea and Rarible, where you can find all kinds of tokenized works of art, including pictures, music, and domain names.
The best NFT book marketplaces are:
- BooksGoSocial
- Publica
- BookCoin
How to publish an NFT book?
Choose the marketplace where you will sell your work. There are points that you should consider:
- What formats of files does this platform allow to upload?
- How many active users does it have?
- What is the service fee that the marketplace takes when your books are sold?
Create a crypto wallet: to create a non-fungible token, you must use cryptocurrency to pay a network commission. Most marketplaces require Metamask.
Top up your crypto wallet via an exchange. You can use Apple Pay to purchase crypto and top up your wallet.
Connect your wallet to a website of the marketplace. To publish your books on a marketplace, you will have to pay for gas (a commission that validators of a network such as Ethereum takes for adding your transaction to the blockchain). This fee can vary depending on the current demand for network resources and the current price of Ethereum.
The most popular NFT marketplace, OpenSea, allows users to create NFTs for free. You have to pay only once to initialize your account. Like all marketplaces, OpenSea will take a service fee of 2.5% when your item is sold. Nevertheless, if you want to change the price of your work, you will be required to pay an additional fee for gas.
Now you are ready to publish your work. Click on “Create” to start your NFT book publishing!
Upload your book cover NFT and other related files. Note that OpenSea doesn’t support NFT books pdf, so you can convert your files into other formats if needed.
Then provide some information about the book and the author.
After creation, you can list your book for sale!
Other platforms can require you to fill in the form where you have to describe your project; after that, they will get in touch with you and list your book on the platform.
3 Tips to Entice People to Invest in Your NFT Books:
Build a loyal community
Communities carry! Promote your brand on social media, and interact with your readers. Tell a unique story about your work to attract buyers.
State additional benefits
To make your book more attractive for readers and investors, you can offer additional bonuses for buyers. For example, you can provide free access to your private community or free course participation.
Offer a limited edition
To make your book valuable for investors who expect that the price for this asset will increase over time, you should offer a limited number of copies. One more good idea is to add some unique detail to each copy.
Top NFT Books
More and more authors see a lot of benefits that can be received by publishing NFT books instead of ordinary Ebooks. It includes higher loyalties and the fact that NFT book rights are protected by blockchain technology.
Some famous authors already use this technology to conquer the world with their mastery of literature.
Decade
Blake Boulter wrote his novel in 2008. When NFTs began to gain popularity, the author turned his novel into GIFs that allow you to understand the novel’s main points in less than 10 seconds. You also receive a PDF copy of this book when purchasing an NFT, along with the GIFs. It was sold two years ago for 1.220 WETH.
CPT — 415
This novel by Rex Shannon is divided into 207 NFTs (an individual non-fungible token for each page). The price of every page is about 0.035 ETH. A new page becomes public after it has been purchased. In this manner, every buyer helps to discover this piece of art.
The WakeUp Millionaire Collection
The WakeUp Millionaire Collection NFT, written by Patric Chan, was originally published in 2013. Today it is available as a non-fungible token. Additionally, it gives a free subscription to the Patricweekly newsletter, a digital copy of the book, and access to the WakeUp Millionaire community.
Conclusion
An NFT book is a book that exists in digital form and is represented by a non-fungible token, which can be bought and sold like any other digital asset. This new technology attracts modern authors as it gives additional protection to book rights and allows them to publish works without any publishing platforms, which lets them earn more when selling books.
If you want to publish your own NFT book, be ready to build up your loyal community on social media and interact with your potential readers a lot: run giveaways, hold AMA sessions, and arrange meetings with them. Best of luck with NFT books crypto projects!