The application of tecnología blockchain It is practically unlimited. There is no human activity that cannot be transferred to a blockchain, and this is what American writer Blake Butler did when he released the tokenized version of your book “Decade”.
The decision to turn his literary work into a Non-Fungible Token (NFT) was a groundbreaking milestone for the technology and literary sectors, representing a paradigm shift in the publishing industry. The traditional way of publishing a book goes through several stages until it is printed and released for sale in hundreds or thousands of identical copies, but by turning your book into an NFT, you gave uniqueness to an asset whose usual existence is repetitive.
To be more precise, by tokenizing her work “Decade,” Butler opened up the possibility of the book becoming a “exclusive” digital asset, Because it was hosted on a blockchain, each buyer acquired a unique copy of their text.
What is an NTF?
To understand the scope of the groundbreaking movement that Butler executed, it must be noted that a NFT (non-fungible token) is a unique digital asset, whose exclusive characteristic is certified by the tecnología blockchain and represents the property of an object.
Unlike a fungible good, which can be replaced by an identical good, for example, a Butler paperback book with another of the same title; in the case of an NFT, each asset is unique and unrepeatable, so it has a unique identifier linked to the digital file it represents.
In addition, they are different from other digital assets, such as, for example, cryptocurrencies, , because NFTs cannot be exchanged equivalently, as their key feature is that they are unique.
On the other hand, its uses are versatile and outstanding, since tokenize an asset It is guaranteed that you can certify or prove that you are the legitimate owner; it is also possible to buy or sell them on digital platforms, and it also offers the possibility of creating alternative business models.
Writers at the forefront
The tokenization of books opened a very advantageous line of business, both for writers, literary agencies, publishers and of course, readers. Butler not only managed to counter the traditional publishing market, but also became a avant-garde author which laid the foundations for a niche that provides autonomy and security when marketing or purchasing literature.
In detail, Butler's strategy for readers and therefore buyers of the tokenized book, provided the benefit of owning a exclusive digital asset hosted on the blockchain, or in other words, having a unique copy of the work with an immutable certificate of authenticity, which can be sold on online platforms and whose legitimacy and traceability are guaranteed.
“Decade” was offered in NFT-oriented platforms, where investors could buy it directly or had to bid with cryptocurrencies, mainly Ethereum.
The novel dynamic was profitable for Butler, because the NFT model allowed him to earn direct income, removing it from the traditional scheme of advances and profits made in agreed-upon timeframes. During the transaction, payments are received immediately and without intermediaries.
The same simplicity of the model is available to publishing houses that choose to try their hand at this niche business, as the dependence on printers, distributors, and bookstores disappears. The approach transforms the entire editorial production, distribution and sales process.
Specifically, tokens represent ownership or rights associated with the book, allowing exclusive access to the owners, copyright, and even royalty sharing. With blockchain technology, which is capable of generating smart contracts, It also enables the publisher, authors or potential heirs to continue to benefit from the resale of the work, if the terms of the contract so dictate.
Some specialists consider that blockchain technology and the tokenization of books makes the publishing industry transparent, since each of the actors or participants in the contract receive their royalties without human intervention.
New goal: monetize
The possibilities offered by blockchain environment to the literary business is transformative and unlimited, as it opens an infinite path for monetize creative work in the digital realm.
El NFT ecosystem, In addition to allowing writers to sell access to their books in the form of tokens, it enables the virtual asset to represent a fraction of the copyright, enabling new ways to invest and participate in the profits generated by book sales.
Other business opportunities involve writers being able to create special editions (additional content, personalized dedications, exclusive illustrations) or limited editions of their books. works in token form, expanding the ways to profit from your creative work.
Certificate
Main Cryptocurrencies Course
Basic levelBit2Me Academy brings you a new course in which you will learn everything you need about the most important cryptocurrencies that exist today.
Writers can also bid Additional benefits to their followers, such as guaranteeing assistance to private readings of their books, easy access to virtual book clubs or any event or activity related to their creative process.
