NFTs for Book Authors

How to join in Web 3.0 using NFTs and blockchains

Here is a recent YouTube video by Joanna Penn where she talks about NFTs, crowdfunding platforms, and more. Lots of great information.

Here is an excerpt from Joanna’s description of her 52-minute detailed video:

As Web 3 begins to emerge through blockchain, NFTs, AI, and the metaverse, I want to make sure I still have a thriving business over the next 15 years.

NFTs are an important part of the future business model in the Creator Economy and in this presentation, I explain why they're important and how authors can consider using them.

What is an NFT?

Why do we need NFTs? Ownership and resale; flexing in the metaverse, and erosion of royalties + paid ads + inflation = we need more income streams from our IP (our writing and artwork).

Six different types of NFTs that authors can consider, and how they are being used in other industries

Why digital scarcity enables more creativity and collaboration

How smart contracts enable easier collaboration and a simplified payment system

How blockchain and smart contracts (and DAOs) could change royalty payments, estate management, and more

What we need in an NFT solution for publishing

How do NFTs fit into the current business model?

What is a potential future state once the technology goes mainstream?

What action should you take right now?

For a broader look at how emerging technologies might impact authors and publishing, check out Joanna’s book, Artificial Intelligence, Blockchain, and Virtual Worlds: The Impact of Converging Technologies on Authors and the Publishing Industry.

Order on Amazon here: https://amzn.to/3uf8k39

Joanna has already released a few NFTs for some art she has created. Check out her images (adapted from photos she had taken):

Think of it. You could do NFTs for novels, poems, artwork, videos, even your podcast!

YouTube Video Comments

Here are a few comments on her YouTube video that illuminate what she’s talking about:

Thanks for sharing your thoughts on NFT's, especially the mention of using NFTs as a way to allow others to use your IP in their own creations. That was a use case which I hadn't considered and is directly relevant for a future project of mine.

I am about to graduate as an illustrator and plan to write stories and illustrate NFTs so that I can promote or sell my books in the future. So much potential with blockchain technology. Another thing which could be a possibility is renting out your collectibles or books. I am a member of the VEVE app community where you can buy and own marvel comics (NFTs) and there is speculation that you will be able to rent out these comics in the future.

The next few years are going to see a lot of changes in author platforms and rights management. Very wise advice about those overly broad contract clauses that aren't being looked at closely enough by authors and agents.

This is such an exciting topic. I am an artist currently creating works that will become my first NFT collection, and I've got the draft of my first novel being read by critique partners. I'm ready to jump into this revolving world of web 3!

Fantastic overview into the literary NFT space, Joanna. We are certain that this form of publishing will soon become a common reality, and that both authors and publishers will benefit immensely from the possibilities this technology offers. Great work!

NFT stands for non-fungible token. It's a digital asset that exists on the Blockchain which you own and control and can sell independent of a publishing company, independent of a retail platform like amazon as well.

A blockchain is like a ledger where no entry can be changed. It records contracts between people.

No returns. No refunds. When a blockchain is done, it’s done.

An NFT is treated as a collectible or as memorabilia.