What is an NFT?
An NFT is a non-fungible token. This token is unique. It is a digital file that is traded on a blockchain. It could be anything digital, from artwork to video games and music or a textbook. The process of adding these digital files as NFTs on a blockchain is called minting. The most famous blockchain that currently hosts NFTs is Ethereum. The minting process puts the data in a public ledger, which can’t be changed or deleted. This allows for the track of all the transactions and sales of NFTs. Minting the NFTs isn’t for free; however, there is a fee that has to be paid in order to add these transactions to the public ledger. This cost is known as gas fees and is paid in cryptocurrency. The transaction that takes place between the seller and the buyer is governed by smart contracts, as well as royalties.
What is a blockchain?
A blockchain is a publicly accessible, transparent ledger. When a person makes a transaction, it creates a data “block” that houses the sender and recipient’s addresses (strings of letters and numbers that log involved parties but don’t give away a person’s identity) and a timestamp. Those blocks, which form a digital chain as transactions continue, cannot be changed or edited, keeping a copy of the blockchain.
What is an NFT Book?
NFT books can contain multimedia and interactive elements, just like an ebook. While ebooks exist as downloadable files that anyone can buy from online ebook retailers, NFT books can only be purchased from marketplaces on the blockchain, moving the book’s ownership from the seller to the buyer. This doesn’t include the copyrights. This makes it more like a unique digital asset. The number of copies of an NFT book is determined by the author. The other great thing about publishing an NFT for authors is that there can be a secondary market for resale, where the author gets a percentage of every resale done. https://blog.kotobee.com/nft-books/
Why Should You Consider Releasing an NFT Book?
• Full Ownership
Once you’ve minted your book as an NFT, it belongs to you; this means you can sell it independent of a publishing company.
• Immediate Compensation
When you sell your NFT book, you get compensated immediately. This happens through the smart contract that exists on the blockchain and is executed once the sale takes place.
• Additional Value for Your Students
You can add value to your NFT book by making it come with additional perks such as an exclusive course, a one-on-one consultation, or some kind of collaborative opportunity. When your students re-sell your book, they can add materials too if you chose to let them.
• Increasing Value Over Time
NFTs are treated more like memorabilia. This means that they usually increase in value and popularity over time.
• Copyrights Security
There is no piracy when it comes to NFT books, as each copy of the book, as well as its owner, is recorded on the blockchain. Once the ownership changes, the royalties are paid.
• Royalties with Each Resale
Secondary market sales have a royalty that you, as an author, can receive. When the student who bought your book decides to sell it, you get a percentage of that sale and every subsequent transaction.
How do I “MINT” my textbook?
• Choose our NFT marketplace.
• Create a crypto wallet.
• Buy cryptocurrency to fund your wallet.
• Connect your wallet to our NFT platform.
• Upload your book, starting with the book cover, the book file, and any extra files that come with it.
• List your NFT book!
• Have your students purchase the NFT book.
