Literary Nfts and how they work

While blockchains are mostly associated with cryptocurrencies, NFTs are another great result of these decentralized networks. What started out as just JPEGs soon became a revolution in art and collectibles. The year 2021 witnessed a burst of new projects and the NFT market peaked during that time.

Since then, the NFT industry has seen a lot of innovation, with several new and exciting uses and types of NFTs coming to the fore. One such new form of NFTs is known as the literary NFT. In this article, let’s take a closer look at this particular type of NFT and how it changes the game for up-and-coming authors willing to explore the burgeoning new world of Web3.

Literary NFTs: What are they?

Although the traditional publishing industry has been steadily progressing with an average turnover of $700 million each year, there has been a pressing need for a system that promotes a more open and transparent ecosystem in publishing. This is precisely where literary NFTs change the game.

Literary NFTs are articles, poems, books, etc., minted directly on the blockchain. This means that the literary work is stored over a decentralized network of computers. This makes it resistant to censorship and ensures that the work cannot be changed, modified or removed without the author’s consent.

How do literary NFTs work?

Literary NFTs work just like physical books, but the buyer usually gets a digital file instead of an actual novel. This file is imprinted on the blockchain, a public ledger where details of the author, owner and other relevant information about the book are stored. Once purchased, these digital assets can be stored in a crypto wallet and traded on an NFT marketplace. Every time a literary NFT changes hands, the owner information is updated on the blockchain. This allows the new owner to verify and track the transaction history of the author.

The author can also set perpetual royalties, giving them a small percentage of the purchase price each time the book changes hands. This ensures that the author receives a steady stream of income for as long as the book exists on the blockchain, which is technically forever. Although several blockchain networks are capable of maintaining literary NFTs, the Ethereum blockchain is known to hold the maximum number of these digital collectibles.

What makes literary NFTs so valuable?

Creative freedom

Literary NFTs are an excellent way for new writers to monetize their work without worrying too much about publishers’ opinions. They have full creative freedom and sell directly to their audience.

Verified authenticity and better revenue model

With a literary NFT, you know you have an original book. The ownership details can be easily accessed and verified. Also, as mentioned earlier, the author can set up a perpetual royalty, where they get paid every time the book changes hands. This is a much better system than the traditional model, where publishers and distributors keep a significant part of the income.

A development in the interaction between readers and authors

With literary NFTs, authors can create a more personal and solid relationship with their readers. Authors promote unique features such as illustrations, special supplements, and notes assigned to literary NFTs. This helps create hype and a deeper connection with the art stored in the NFTs.

Projects exploring literary NFTs

Although literary NFTs are still nascent, a few projects are actively exploring this space.

TheVerseVerse: This is a platform that helps renowned poets and writers leverage web3 to monetize their work. It is best known for publishing the work of crypto-native poets such as Sasha Stiles and Ana Maria Caballero.

Ether Poem: This is one of the first projects to create a poetry collection on the Ethereum blockchain. It is a group of poets who write and sell their works directly on Ethereum. A smart contract then divides and distributes the sales revenue to all poets.

Creatokia: This is a literary NFT marketplace that connects artists, publishers and readers under one roof. It offers a convenient and easy way for publishers and authors to bring literature and literature-related content to the web3.

Kalen Iwamoto: Iwamoto is one of the first artists to explore writing and creating art on the blockchain. Her work focuses on experimentation, playfulness and pushing the boundaries of conceptual writing, art and the NFT medium. She is also one of the founders of TheVerseVerse.

LIT Project One: This is a literary NFT published by 10x New York Times bestselling author, journalist and ghostwriter, Neil Darrow Strauss. NFT is listed and available on OpenSea, with 892 copies and a floor price of 0.25 ETH each.

Conclusion

NFTs can provide a much-needed boost to the literary world. They offer authors more creative control and better monetization opportunities and help develop a strong sense of connection between the author and the reader. There is no doubt that NFTs will eventually explode in the coming years. So as a writer, this is one of the most opportune moments to explore the Web3 world, especially the prospect of literary NFTs.