NFTs: What are they, and Why Should Writers and Publishers Care?
Have you heard about NFT?
Do you know how people spend dollars to get (non-fungible tokens) for months?
Do you know the reality? NFTs are now part of the media and best book marketing services and publishing world, whether we like it or not. The people who sell books are getting into them. Time magazine is selling NFTs. Economists are selling NFTs. People who make newsletters use them.
Why should you care about it? Is this a trend or a scam?
You might not have the idea right now. But I am sure, by the time you end this post, you will fully understand why people are so excited about this NFT. You will find out:
- What are NFTs?
- What are they for?
Note: you can’t understand what NFTs are unless you understand blockchain.
Here is a some detail to give you some idea:
As we can see, bitcoin and other cryptocurrencies are the money of the future. Similarly, NFTs are unique things you can sell for money in the coming future. NFTs show off who you are and what you care about. Only.009% of internet users have an NFT right now. Expectedly, innovators in the publishing world think NFTs are important and revolutionary for book writers. And the world as a whole. No matter what happens, everyone agrees that it is still early and that a lot is still unknown. Right now, working with NFTs means working with uncertainty.
What does NFTS mean? What link does it have with web3?
web2 is the world we all live in now, even though we don’t always like it. It’s run by big platforms like Google, Apple, Amazon, Facebook, etc., and we don’t always like it. You get ads, the sale of personal information, and frequent security holes. All of that will stop with web3, or so its supporters hope.
As mentioned by Amazon book publisher the value of web2 is taken by a few organizations. These organizations then charge a value produced by the community for their services. This increases their wealth and further solidifies their positions. Web3 says it will change this so that the value of the community gets shared by everyone and is good for the creators and rights holders.
Imagine a world where you don’t have to put up with Apple taking 30 percent of all in-app purchases. Sounds like paradise, doesn’t it? Blockchain is a key part of this utopia.
web3 applications run on blockchain networks where control gets spread out. Here most people get confused and stop listening, so I won’t go into detail. But it’s enough to say that this technology could get a way out of the dystopia of big tech. No one can expurgate your social media posts in a web3 world that did not get centralized. And services don’t go down because there isn’t a single source of power or a single on-switch. Control and power get shared, and users have more privacy and freedom than they did on web2.
Cryptocurrency is a big part of web3. This is because it makes payments and transactions easy and safe without payment processors like PayPal. All transactions are clear and can’t get changed if you trust the algorithms.
What is NFT, and what is their role?
A common way to explain non-fungible tokens is that they let you show off that you own digital or physical goods. Depending on the terms of sale or platform, you may or may not own copyright when you buy an NFT. Only that nobody else is in the same shoes.”
The person who owns an NFT now has a digital token that no one else has. The value of this token can change. It can also get resold on the market. The market decides how much this unique, one-of-a-kind token is worth. It can show a person’s social status and give them access to specific communities or experiences. An inventor and business owner has said that it is “a right to claim ownership of a set of fulfillment rights,”. However The experts of audiobook raise that this includes the right to resell and the right to join the party.
It’s possible to sell digital products to fans that are hard to get or have a higher value in the community. One might ask: do you need crypto or blockchain to sell digital products and experiences that are unique or limited? Does it make things harder than they need to be? (and what’s to stop powerful groups from taking over web3?)
web2 can do everything that web3 can. However, web3 makes it possible to set up power structures differently. People who start NFT-based businesses don’t fully understand the space. So you’ll see a lot of naive use of them that isn’t about changing power structures but about making money or joining a hot new trend.
It doesn’t make sense to offer an NFT for a song or a news article, which this is for a mass market.” tokenizing a license for a song or news story, on the other hand, makes a lot of sense. An NFT could get tied to certain copyrights, translation rights, or other intellectual property rights that can get invested in and given to a decentralized autonomous organization.
Like any new technology, NFTs are subject to hype, dreams, scams, and abuse. The market is not regulated, and the issues are complicated. Many skeptics say that NFTs are like pyramid schemes. But people who understand the technology and believe in it see NFTs as part of a decentralized future that can’t get taken over by the rich and powerful or by the government.