As we enter the age of distributed computing, when blockchains and cryptocurrencies are buzzing in every industry, NFTs appear to be the new trend in blockchain technology. Their popularity has surged in the past year, and NFTs are gradually gaining ground in a variety of creative industries. Thanks to NFT Books, the publishers who deal with the sale of eBooks and eTextbooks are now ready to benefit from blockchain technology.
Pearson Plc, One of the world's largest textbooks publisher, is planning to sell digital books as NFTs to earn profit from the resale of textbooks. The buying and selling of textbooks are very common among students and Pearson is looking forward to NFT Books as the potential way to earn commission on secondhand sales of its textbooks.
The move to digital helps diminish the secondary market, and technology like blockchain and NFTs allows us to participate in every sale of that particular item as it goes through its life,” by tracking the material’s unique identifier on the ledger from “owner A to owner B to owner C, 👈said Andy Bird, CEO Pearson. [1]
What are NFTs (Non Fungible Tokens)?
NFTs are unique tokens that exist on the blockchain and contain priceless
information. The majority of NFTs are highly integrated with the Ethereum blockchain. These tokens can be bought and sold directly between the owner and buyer without needing the involvement of any mediator. Non-fungible in NFTs denotes that it’s unique and can’t be replaced with something else. So, NFTs have unique properties and can neither be replaced nor interchanged. These are digital assets created using the same type of programming as in cryptocurrencies. The act of adding digital files as NFTs on a blockchain is known as minting. In this way NFTs give the ability to assign or claim ownership of any unique piece of digital data, trackable by using Ethereum's blockchain as a public ledger. An NFT could represent digital arts like GIFs, collectibles, music, videos, legal documents, signatures, etc.
Murali Shanmugham, SAP,(2022) in FORBES defines NFT as 👇“NFTs are digital assets which allow you to prove ownership of unique items. It’s a digital token that could either represent a unique digital asset like images, videos, in-game items or could also be used to register a physical asset.” [2]
What are NFT BOOKS?
“NFTs for books hold a lot of potential and significance for the publishing industry, both practically and creatively.” [3]
- It is a profit for the author, reader and investor.
- As long as the people are reading the book, the author is making money.
- Readers can easily search and buy NFT books anywhere, anytime by using smart devices.
- NFT books are like digital assets, so the NFT holders can resell them for a profit when their value increases.
- Book renters or lessors can also earn the profit from NFT books by renting these books to the readers.
- Problem of pirated books is ruled out as the NFT books are scarce and released with limited numbers with unique identities.
- According to advocates of NFT books, these are high quality books with an affordable price.
- Readers are directly connected with the author by paying directly to the authors.
Difference between NFT books and E-books
Benefits for Authors:
NFT books are a great way for authors to take use of the benefits that blockchain technology has to offer. NFT technology is mostly employed in books as a means of self-publishing by authors. The authors keep earning the profits as long as there are people reading the book. This makes it possible for authors to sell as many books as they already do, and helps authors get more exposure. Without the assistance of publishers or any other middleman, authors are capable of writing books, minting NFT books, and selling books on their own. Authors are becoming more prominent and are able to make money from reading, thanks to blockchain technology.
The entire process of minting an NFT, which makes it extremely safe, needs a tremendous amount of computational power due to its complexity. This increases the expense of producing an NFT ebook. However, price trends are declining, and companies like NFTBOOKS assert that they are envisioning NFT reading more accessible and inexpensive. Publishers like Pearson is also trying to make the quality digital textbooks more affordable and more accessible than print ones in the form of NFT Books.
- Seal, Thomas (Aug 1, 2022). Pearson Says Blockchain Could Make It Money Every Time E-Books Change Hands. Bloomberg, Retrieved on August 16, 2022 (https://www.bloomberg.com/news/articles/2022-08-01/pearson-hopes-blockchain-will-make-it-money-every-time-its-e-books-change-hands)
- Shanmugham, Murali (Aug 2, 2022). What Are NFTs And How Will They Impact Global Industries? Forbes, Retrieved on August 15, 2022 (https://www.forbes.com/sites/sap/2022/08/02/what-are-nfts-and-how-will-they-impact-global-industries/?sh=28b0f87b6974)
- Wenstrom, Emily (May 12, 2021). NFTS FOR BOOKS: HOW THIS EMERGING TECH CAN REWARD AUTHORS & READERS. BookRiot. Retrieved on August 04, 2022 (https://bookriot.com/nfts-for-books/)
- Pearson plans to sell its textbooks as NFTs | Publishing | The Guardian
- College textbooks get pricier as Pearson wants NFTs to track secondary sales (cointelegraph.com)
- Publica bringing a new era of Self Publishing (i.e. 3.0) using Blockchain Technology - LibCognizance
- https://publica.com/
- https://www.nftbooks.info/
- https://www.creatokia.com/en/s/what-is-creatokia
- https://bookvolts.com/
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