Book lovers, rejoice!
These NFTs have created a new way to collect and enjoy your favorite books, poems, and articles.
But what exactly are literary NFTs, and how are they revolutionizing how we experience literature?
Image Credit: Tarasov Maksim/Shutterstock
What Is a Literary NFT?
Traditional publishing has remained successful for a long time.
In other words, the work exists on decentralized computer networks, making it resistant to censorship.
Additionally, the work cannot change without the author’s permission.
The versatility of literary NFTs heightens their beauty and importance.
There are even cases where creators release individual NFTs of fictional characters.
How Do Literary NFTs Work?
Literary NFTs exist on a blockchain, a public ledger that records crypto transactions and ensures their efficiency.
While other blockchain networks support literary NFTs, theEthereum blockchainholds the largest number of literary NFTs.
They are similar to physical collector’s items, except that they are digital.
Therefore, you’ll get a digital file instead of a book to place on your shelf or library.
Additionally,buyers gain exclusive rights to the NFT.
The reason is that NFTs have only one owner at a particular time.
Their unique data makes verifying ownership and transferring tokens between owners effortless.
Furthermore, the owner can preserve specific information inside the NFT.
Why Are Literary NFTs Valuable?
Ebook piracy has been on the increase for years.
That is because the value of a collectible edition will plunge if several new versions appear on the marketplace.
The reader that opens the book brings all the bits together and decrypts them.
After that, it presents the book to you in a readable format.
With such immense protection, books on the blockchain are more valuable than regular ebooks.
Literary NFTs bring a host of benefits to authors, too.
Take, for instance, Blake Butler, who published his book titled Decade in February 2021.
With NFT, Butler published and sold his work himself.
Overnight, someone bought the NFT for 5 ETH (Ethereum), which was $7,569.50 then.
Permanent Ownership
NFT books are receipts for digital books which are in your possession.
However, possessing a literary NFT is like owning a physical copy of a book.
Once you buy it, it becomes your own and will not disappear because of any third party.
This can help them to engage with their readers and increase the value of their works.
So what are you waiting for?
Start your literary NFT journey today.
