If you’ve been anywhere online in the last year or so, you’ve probably heard some chatter about NFTs. But the real question for most Igniting Souls is how can an author use NFTs to sell and market their books.
NFT stands for “non-fungible token.” That means that something cannot be replicated—it’s one of a kind. A “token” can be anything, from an image, a video, or a PDF file, just to name a few.
NFTs are part of the blockchain, which keeps track of all of the NFTs that are bought, sold, or changed hands. Because NFTs are part of that blockchain, they’re part of a global, decentralized network of computers that all contribute to one ledger.
An NFT is one of one, like the Mona Lisa
Think of it like this: if I pull a dollar bill out of my pocket, it has a serial number on it that makes it unique, but I can go and exchange that for another dollar bill that’s worth the same amount. A dollar bill is one of many. It’s fungible.
An NFT is one of one, like the Mona Lisa. There are prints and copies of the Mona Lisa, but there’s only one original. With NFTs, you own something exclusive that’s one of one. And there’s a global network that keeps track of your unique ownership of that token in one ledger so no one else can claim that they own it.
How can an author use NFTs to sell more books?
For starters, NFTs and blockchain allow authors to establish, almost indisputably, that their books are their original intellectual property.
In the world of copyright, patents, and trade secrets, NFTs add a supercharged component guarantee that what’s yours is yours. NFTs can also have smart contracts attached to them that unlock what are called “off chain benefits” or access to things in the off-line world related to that NFT.
Smart contracts and off chain benefits
For example, I turned my book Elixir Project into NFTs. It’s part of a new strategy I’ve coined Blockchain Integrated Gamification or more specifically making your book go BIG. I could use a smart contract to give purchasers access to exclusive content like coaching calls, workbooks, or even t-shirts and physical items.
Because NFTs can often be digital representations of physical objects, access to exclusive benefits online and off-line can really be exclusive!
This technology allows authors to create collectable versions of their books, offer exclusive benefits to purchasers, and create new streams of perpetual income from their work.
Put simply: NFTs create a new form of exclusivity, which can help an author build their brand and generate new forms of interest and income from their books.
NFTs also extend into the Metaverse, adding Web3 exclusivity to physical objects. To learn more about NFTs, check out episode 4 of the Blockchain Life podcast!
BTW. Are you an author, influencer, or entrepreneur? If so, join us at the Igniting Souls Conference and start leveraging Web3 for your book, brand, and/or business. (Limited tickets available.)