Literary NFTs are articles, poems, books, etc. that are cast directly into the blockchain. This means that literary works are stored on a decentralized network of computers. This ensures that the work is censor-resistant and cannot be altered, modified, or removed without the author’s consent.
The advent of blockchain is one of the most revolutionary advancements in recent years. The idea of a trustless and decentralized ecosystem has led to a series of technological breakthroughs that are disrupting some of the largest industries on the planet.
Blockchains are mostly associated with cryptocurrencies, but NFTs are another great achievement of these decentralized networks. What started as just JPEG quickly revolutionized the world of art and collections. New projects surged in 2021, and the NFT market peaked during that time.
Since then, the NFT industry has seen a lot of innovation, with some new and exciting use cases and NFT types coming to the fore. One such emerging form of NFT is known as Literary NFT. In this article, let’s take a closer look at this particular type of his NFT and how it’s changing the game for incoming writers willing to explore the new world of his burgeoning Web3.
Literary NFTs: What Are They?
With the traditional publishing industry progressing steadily with an average annual turnover of $700 million, there is a desperate need for a system that fosters a more open and transparent ecosystem in publishing. This is exactly where his literary NFT is changing the game.
Literary NFTs are articles, poems, books, etc. that are cast directly into the blockchain. This means that literary works are stored on a decentralized network of computers. This ensures that the work is censor-resistant and cannot be altered, modified, or removed without the author’s consent.
How do literary NFTs work?
Literary NFTs work similarly to paper books, but buyers typically receive a digital file instead of the actual novel. This file is created on the blockchain, a public ledger where details about the author, owner, and other relevant information about the book are stored. Once purchased, these digital assets are stored in your crypto wallet and can be traded on the NFT Marketplace. Every time his literary NFT changes ownership, its ownership details are updated on the blockchain. This allows the new owner to see the transaction history and trace it back to the creator.
Authors can also set perpetual royalties, giving a small percentage of the purchase price each time the book changes ownership. This allows the author to receive a steady stream of income for as long as the book lives on the blockchain, which is technically forever. While some blockchain networks can maintain their literary NFTs, the Ethereum blockchain is well known for holding the largest number of these digital collections.
What is the value of literary NFTs?
creative freedom
Literary NFTs are a great way for budding authors to monetize their work without worrying too much about what publishers think. They have complete creative freedom and sell directly to their audience.
Verified authenticity and a better revenue model
With a literary NFT you know you have an original book. Easily access and verify ownership details. Also, as mentioned above, authors can set permanent royalties. In this case, you will be paid each time the book changes ownership. This is a much better system than the traditional model where publishers and distributors keep a sizable portion of the revenue.
Evolution of reader-writer interaction
Literary NFTs allow writers to develop a more personal and stronger relationship with their readers. The author promotes unique features such as illustrations, special additions, and notes assigned to her literary NFT. This helps create hype and create a deeper connection with the art stored in NFTs.
A project to explore literary NFT
Literary NFTs are still in their infancy, but several projects are actively exploring this area.
TheVerseVerse: It is a platform that helps prominent poets and writers leverage web3 to monetize their work. Best known for publishing the works of cryptonative poets such as Sasha Stiles and Ana Maria Caballero.
Ether verse: This is one of the first projects to create a poetry collection on the Ethereum blockchain. A group of poets who write and sell their works directly on Ethereum. A smart contract then divides the sales revenue and distributes it to all the poets.
Creatokia: This is a literary NFT marketplace that connects artists, publishers and readers under one roof. It provides a convenient and easy way for publishers and authors to bring their literary and literary-related content to web3.
Karen Iwamoto: Iwamoto was one of the first artists to explore writing and creating art on the blockchain. Her work focuses on experimentation, playfulness, and conceptual pushing the boundaries of her writing, art and NFT media. She is also the co-founder of TheVerseVerse.
LIT Project 1: This is a literary NFT published by Neil Darrow Strauss, a New York Times 10x bestselling author, journalist and ghostwriter. The NFT is listed on OpenSea and has 892 copies with a minimum price of 0.25 ETH each.
Conclusion
NFTs could provide a much-needed boost to the literary world. They offer writers more creative control and better monetization opportunities, and help foster a strong sense of connection between writers and readers. There is no mistake. As a writer, this is one of the best opportunities to explore the world of Web3, especially his literary NFT perspective.
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