Image by Andrey Metelev on Upsplash
https://bookriot.com/nfts-for-books/ for more information
From Forbes: https://www.forbes.com/sites/bobbyowsinski/2021/03/07/will-nfts-finally-fulfill-the-blockchain-promise-to-music/?sh=55a03f715b9e
“An NFT is simply a record of who owns a unique piece of digital content. That content can be anything from art, music, graphics, tweets, memes, games — you name it. If it’s digital and it was created, it can be an NFT. It’s ‘non-fungible” because it can’t be readily exchanged for a similar good at a similar price.”
It is the digital equivalent of owning a physical object legally. An NFT is more secure than a typical digital transaction because the records are kept in blockchain, which offers a public record that cannot be hacked.
When you buy an ebook, unlike an ink and paper book, you have it for as long as the seller is around and agrees to keep providing it. If the seller vanished, that book would disappear too.
When you buy an NFT, you buy a specific copy within a limited series like #5 of 70 signed special editions bound in Moroccan leather. Its copyright is hard to challenge. A “smart contract” can arrange for immediate payment and for payment for every resale, currently in the 10 to 15 percent range
According to writer Melinda Crow: https://bookriot.com/nfts-for-books/
“In all honesty, I think eventually this will be the predominant method of selling our work, to clients, publications, and even directly to the reading consumer themselves.”
What’s more there are services already established for the very purpose of bringing publishing to NFT, such as Mirror. https://mirror.xyz/
Authors can interact with fans digitally with special printings, unique illustrations, limited editions of author reading or many other forms of swag.
However:
NFTs are expensive to create and they may become more expensive because their creation involves significant environmental cost. The creation sometimes called “mining” requires immense amount of computation which eats up a great deal of energy. Price have been trending down. Some people think NFTs are like a bubble that has to burst. But smart young digit-knowledgeable people seem to be equally comfortable with digital and physical goods.
Thanks for the information, Warren.
ReplyDeleteThe one thing that confused me was your reference to "mining." I understand how mining works relative to cryptocurrencies, but I was under the impression that the creation and maintenance of blockchains (and therefore NFTs) does not require mining (although it does require electronic storage). Can you point me your reference on this? Thanks.
I recently read that Julian Lennon is selling NFTs related to his father. What struck me is that Julian keeps the items while the buyer has…what? Bragging rights? I am afraid that the details and workings of NFTs, like those of bitcoins, are beyond this aging brain. Your essay did help clarify things.
ReplyDeleteThanks, Warren, I'm less confused about NFTs but will steer clear of them.
ReplyDelete