Exploring NFT eBooks and Audiobooks – Redlands Daily Facts

By RM Ambrose | Contributing columnist

They have sold in the millions and can be fantastic benefits for digital artists. But NFTs are linked to cryptocurrency, and the recent implosion of crypto markets and the arrest of the former FTX CEO threw a pall over this new literary frontier.

However, you may have original digital art that you think others would appreciate, such as a self-published e-book or audiobook. Maybe you even have a devalued crypto burning a hole in your digital wallet, or want to take the risk of dipping your toe in the crypto pool while prices are down. NFTs can be an interesting avenue to explore.

First, what is an NFT, or Non-Fungible Token? From a computing point of view, it is basically the same as a crypto coin – also known as a token. But it’s not your run-of-the-mill coin, there’s something unique about it. 1943-D Lincoln Bronze Cent sold for $1.7 million because such a small number was erroneously made. Since it does not have the same value as every other kroner, it is “non-fungible”. Likewise, each NFT is a unique or limited item. And it can include all kinds of digital files.

Think of an NFT e-book or audiobook as a collectible printed book. If they are common enough, or if no one really wants them, a reader can pick them up cheaply at a used bookstore. But if your printed book becomes a collector’s item and sells for a million dollars, you, the author, won’t see a dime.

However, NFTs work a little differently than the rare printed book. They can be set up so that the author continues to get a cut of future sales. You can put 100 or 1000 in circulation. Ten percent of the $1 million book is $100,000. And the author gets paid every time that copy is resold. It could be a game changer!

But even if people want the book, why pay more for the same product? Does it have unique cover art or bonus content? How much can a collector’s edition of your book sell for on the secondary market? And readers can’t just buy it with their credit card with one click. They need a digital wallet and cryptocurrency.

Book.io is one of the forerunners within NFT eBooks. Browsing their selection wasn’t like the favorite e-book marketplace. Not much content to begin with, not organized by literary genre, author, etc.

I found an e-book by Science Fiction author Alan Dean Foster, who novelized several Star Wars movies, including Star Wars: A New Hope, plus the first Star Wars spinoff novel, and so many more. Great! I have read Foster’s work so I tried to buy the NFT eBook.

I need the Cardano cryptocurrency, ADA for short. The $51 ADA (including the 2 ADA that would actually be returned to me with the e-book when the transaction was complete) would come to just over $20 at the time I initiated the transaction (the exchange rate is so volatile that minutes later I had lost value).

It took me longer than expected to figure out how to even purchase ADA. I had to figure out how and where to set up a wallet, and connect to my bank to buy the currency. And after I bought about $25, I discovered that I still couldn’t transfer it to complete the purchase because the bank hadn’t completed the transaction. Will this take days?

Even getting to this roadblock took much longer than the 30-minute time limit book.io gave me to transfer the money to the 26- to 35-character address. So the audience is probably people who already own crypto.