NFT for books - Why are NFTs God sent for the authors and publishers?

Are you someone who loves to write but is scared of the aftermath of publishing it? Or are you someone who wants to self-publish and make money from it? Don’t worry! The above-mentioned things are possible if you truly want them to happen and are ready to deep dive into making it possible. Read this article to learn about the intricacies of NFTs and how this technology is being used to publish books. This article will give you an in- depth analysis of NFTs or Non-Fungible Token and will help you understand its importance and relevance.

If you are a budding author, then you must have surely been upset about other people re-selling your books and work across various e-commerce markets, such as Amazon, eBay, etsy etc. This must have left you uneasy but not being able to do anything about it. If such is the case, then don’t worry because the technology has heard your prayers.

The people who now will sell your books will have to give you a certain percentage of resales or royalty. NFTs will provide you the much-needed recognition and a passive source of income. If the anticipation of world-renowned leaders and researchers is right, then NFTs might change the game for authors and publishers.

If you are an author or publisher who is searching for a platform to begin the journey of learning or bidding NFTs for Books, then we are elated to announce that RollingSlate provides such a platform. You can bid on current book NFTs or list your book as an NFT to earn money and popularity.

What is an NFT?

Let’s start from the beginning itself. NFT is an acronym for Non- Fungible Token. They are digital collectibles that can be purchased and traded using digital cryptocurrencies such as Ethereum. These irreplaceable collectibles use blockchain technology for authenticity.

Currently artwork pieces such as paintings and books NFT are creating a lot of buzz and using the tech to sell this digital art. Now a question may arise as to what makes these NFTs unique? The answer is simple. The artists put in all their efforts to make their digital artworks rare and therefore, sellable.

How does NFTs work in the publishing world?

Now you might be wondering, how does this NFT for books and NFT in publishing works? What is the benefit in it for the authors? Then here’s the catch. Every Time someone buys or sells the book, the author of that book will receive a percentage of resale and royalty unlike the print media where the revenue ends after the first version is sold out. This creates an additional passive source of income for you as an author. The percentage of royalty can even be determined by the author himself/ herself. Currently, 10% – 15% royalty is being charged by the authors but there are anticipated to go up with rise in demand for NFTs. These digital collectibles are God-send and revolutionary for the authors.

Why are authors and publishers showing a strong inclination towards NFT for Books?

Non-Fungible Token also helps in getting rid of piracy and plagiarism. Let’s find out how? With every sold or purchased comes a data entry that is stored in the blockchain technology. Every time the ownership of the book gets transferred, it is recorded in the blockchain and royalties are paid and received systematically.

Crypto currency and blockchain technology become all the more fun when you are able to remove your real-world identity from your wallet ID. NFTs for books could enable any author or publisher to receive compensation for their work while being completely anonymous.

But don't you think that authors, editors and publishers must also be provided with the same opportunity just as the artists. A book reading platform called RollingSlate offers one of the best publishing platforms in India to everyone who wants to publish a book.