Blockchain-based NFTBOOKS will eradicate nearly 99.9% of pirated books, which are currently the standard and the most important source of revenue loss for writers and publishers.
NFT is a digital asset that portrays real-world elements, including art, in-game products, music, and films. Even though NFT has been there since 2014, they are currently gaining popularity as a means to buy and sell digital artwork. Since November 2017, a whopping $174 million has been spent on NFTs.
It wasn’t long until NFTs were introduced to the book publishing industry with the revolutionary step of Chau Nguyen and his team—the NFTBOOKS.
The CEO of the NFTBOOKS, Chau Nguyen, and his team have achieved a remarkable goal of creating a platform where Authors may freely publish their books based on blockchain technology and have direct access to Readers while removing any intermediaries. This is a revolutionary step in reducing the supply of pirated books, allowing readers to obtain copyrighted publications at the lowest possible price. With such little competition in this industry and an opportunity for a monopoly, NFTBOOKS is the only source for authors to earn and readers to own their digital books.
Many of NFTBooks’ objectives were met in 2021, including introducing the website, currency, and listing on platforms such as CoinMarketCap. The NFTBS token has also passed the 45,000-holder level, aiming to surpass the 1,000,000-holder mark in 2022. In addition, the NFTBooks platform is developing a mechanism to assist renters in renting books from the lessor and a governance system to assess book quality and translations. There are many more plans found in the official NFTBooks whitepaper.
The not-so-free book reading system helps authors earn more profits while allowing investors to make money by buying and holding the tokens in their wallets; 2% from every buy or sell will be recycled back into circulation for everyone’s benefit. With this innovative idea, NFTBOOKS are revolutionizing the way people access books—at any price point they choose—with lower prices. Whether you want something new that’s just released or have been looking through your favorite genres as soon as they come out, you can get them through NFTBOOKS.
How Will NFTBOOKS Assist Authors And Readers?
The author plays a critical part in the project and is rewarded with the highest profit margins. Anyone can become an Author just by holding the publication rights to a work or working as a journalist. NFTBOOKS is unique as it provides Authors with two sorts of profits:
A Fixed Fee, which may be collected only once when a book is published, and a Flexible Fee, is the cost per transaction for an Author who has previously purchased a finished product.
The CEO of NFTBOOKS, Chau Nguyen, believes that by using NFTs for book publishing, authors will have more opportunities and be able to protect their content. He also expects that the technological revolution in digital entertainment formats like eBooks may lead the way towards eliminating illegal means of publishing books, helping authors receive the amount they deserve!