Benefits for authors using NFTs
NFTs are gaining popularity as a digital alternative to collectibles, games, music, and books… These tokens not only allow you to sell products to others in exchange for cryptocurrencies, but also have some other benefits that you may not be aware of.
In recent years, NFTs have become increasingly popular among authors, particularly for those who are interested in cutting-edge technology and blockchain. They can assist authors in generating additional revenue from their publications. In this article, NFTBOOKS will provide you with the great benefits that NFT brings to authors.
NFTs are digital collectibles that may be owned and sold with the use of digital currencies like Ethereum. They are one-of-a-kind and indestructible, with ownership stored in blockchain technology for authenticity.
NFTs are already flourishing in a variety of sectors, but they will soon have a significant influence in the book world. Pay attention to how they will disrupt this industry if you are an author. Here are some advantages of utilizing NFT for authors:
1. Increasing revenue
When an author publishes his book as NFT on blockchain platforms, such as NFTBOOKS, the book goes directly to the buyer without going through any middlemen. As a result, the author will receive immediate payment from the buyer without paying fees to third parties like Amazon.
In the long run, authors will also receive royalties each time their work is resold. Authors would get extra long-term earnings in perpetuity, depending on the smart contract royalty percentage established when the NFT is minted. Although the standard is 10% — 15%, it could be higher in fact (e.g., 20%, 30%, etc). This creates an additional revenue stream for authors.
2. Creating a marketing strategy
The initial marketing effect of a launch employing NFTs creates buzz. People discussing NFT books on social media will improve visibility, allowing authors to attract readers who might not dig into the NFT but would be interested in buying just the book. Besides, NFTs allow users to tweet about something significant, such as the launching of a new version of one book. Basically, it is another way to promote your brand awareness.
3. Having hardcore fans
People who purchase NFTs want to brag that they have bought an NFT, so they will share a photograph of that NFT book on social media and discuss it in various forums. That’s the fundamental nature of being a loyal fan. NFTs allow authors to offer their followers exactly what they want in a way that pleases both. As a result, the author will be given the most devoted fans in an easy way, and even have more new fans.
Besides, if the author has a certain level of popularity, their books become scarce, and many fans are scrambling for those NFTs, then they will become more valuable in the future. From hardcore fans, they will become investors. That makes authors’ NFT even more scarce, allowing them to charge higher premiums.
There is no doubt that NFT is one of the most significant breakthroughs in e-commerce, including online book publishing and selling. Furthermore, their advantages have become appealing points for a wide range of users.