As many books written by authors may never be published, author Blake Bulter decided to make his unpublished book “Decade” an NFT for people to own as a GIF and a copy of the manuscript. Blake Butler started this in January 2021 to create his book into a Non-fungible Token like so many before he did with art and music.
Just after a day of putting his NFT novel up for sale, Blake Butler got paid 5 ETH, which was $7,569 at that time. With the proof that people will buy stories in the form of NFTs, this can help other struggling authors sell their books.
So What Are Literacy NFTs?
Just as digital art can be created into NFTs for customers to bid on and own these digital art forms, literacy can be considered a form of art as it is a creative piece. Therefore the creation of Literacy NFTs was a natural step forward for the art form of writing.
As the need for a more decentralized and open system for markets to grow, literacy NFTs can help in this category. Don’t get the idea that the publishing of physical books is collapsing. That industry alone has been stable, with an annual profit of around $700 million on the sale of printed copies of books.
The idea of literacy NFTs is that articles, books, and poems can be minted directly onto the NFT blockchain. With the decentralized nature of the blockchain, the NFT novel can not be censored like most works of art, plus it can’t be taken down or altered without permission from the author. Ebooks and literacy NFTs are different; ebooks can be bought as often as society wants, yet literacy NFTs are just a single product.
Benefits of Literacy NFTs
Literacy NFTs have only been on the scene for two years since this article was written, yet many independent authors have been minted in NFTs as a way to join the blockchain. Authors are looking at ways to get compensated for their time and effort in writing their books. Literacy NFTs can be a way to get people to read your book while you, the author, will still get paid.
With more creative control in the way your novel can be written and structured, this allows you to experiment with the forms and ways the literature can be written and medium. Without having to worry about the publishers censoring your work as more of the world becomes more controlled and politically correct than ever before. This creative outlet may help more people express their feelings through words and transcripts. NFTs can also be an excellent way to connect with your fans as it is a direct link between the author and the owner of the literacy NFT.
Lastly, monetizing your work can be pretty lucrative as you get money when you sell your NFT and get royalties. You can get royalties every time someone buys and sells your NFT novel. This steady income stream can sustain your living costs as you create more literacy NFTs.
Is This The New Way Books Will Be Published?
While the concept of literacy NFTs may be a good idea as they offer more creativity to the authors and a direct connection to some fans. The volatile nature of the NFT marketplace can create some issues with the values of these literacy NFTs, yet the market for NFTs seems likely to stay for a long time. It may be time for creative-minded people and authors to start creating and exploiting the blockchain for their gain.