What is literary NFT: Everything you need to know
As the name suggests, Literary NFTs are digital assets that are created on the blockchain as NFTs or Non-Fungible Tokens. It is a digital literary work that has lately dominated the online world. Literary NFTs can be anything like novels, screenplays, essays, poetry or even audio books.
Literary NFTs are ideal for replacing the intermediary publishing bodies for direct interaction with the public. They are effective in building strong relationships with the buyers/readers. Even leading publishers like Pearson want to convert e-books and textbooks to NFTs.
What are literary NFTs?
Literary NFTs are books stored in a decentralized network of computers. They are a new way of going beyond the traditional publishing of books/ebooks for a complete paradigm shift. With literary NFTs, both authors and publishers can ensure a good balance between earning and income opportunities.
The best thing about the literary NFTs is that they ensure limited copies of the books/literary work. Since there are limited assets, authors can expect more value and demand from readers.
How can literary NFTs benefit writers?
Literary NFTs offer several benefits to the authors:
Literary NFTs offer full control to the authors because there are no denials from the publishers. While working with a publishing house, writers face problems with controversial topics, but here there would be no such problems with NFTs. Since there are no problems with censorship, authors become independent and have total control over the publishing process. They can also publish books on any topic they want.
Direct relationship with the reader
Besides the greater hype due to limited copies of books, authors can also create strong bonds with readers. They can ensure good reader engagement through social media and reduce the gap between them. Authors can also start a fan-based community to increase their visibility and popularity among readers.
Literary NFTs are also a great way for authors to include multiple chapters such as notes, illustrations, and glossaries. In addition, authors can receive the recognition and compensation they deserve. Since there would be no intermediary bodies, writers can earn good profits for their write-ups.
How to publish literary NFTs?
To publish your literary NFTs, follow the steps below:
- Start by creating your literary work. These will be seen as NFTs, which will be your own property. However, you will not be able to trade or exchange the same.
- Choose a blockchain for your NFT and download a digital wallet accordingly.
- Finally, you can create NFTs on Web3 publishing platforms. You can also list NFTs on the marketplace of your choice. Make sure to set the cost according to your work and eventually your NFT eBooks will become a reality.
Are literary NFTs valuable?
With piracy becoming more and more common every day, authors are losing their hard work to a bunch of fake people. However, as NFTs were introduced, only limited literary assets were shared as NFTs. They are encrypted and decentralized to offer more protection and security to the assets. Also, authors get full control over their recipes and they are not hackable. So, yes, literary NFTs are definitely valuable.
Navkiran Dhaliwal is an experienced content writer with 10+ years of experience. When she’s not writing, she can be found cooking up a storm or spending time with her dog, Rain.