This unique project merges traditional books with blockchain to benefit the reader and the author.
NFTBooks is a Binance Smart Chain (BSC) Non-Fungible-Token (NFT) project that aims to bring books to blockchain. NFTBooks targets the issues that authors and readers have had with the transition from paper to digital as a medium. The project uses NFTs to represent books, allowing users to buy, trade, or sell the books in a simple manner. NFTBooks aims to mitigate piracy issues by making books easy to find and obtain, maximizing profits for authors and minimizing costs for readers.
Why NFTBooks is Promising for the Publishing Industry
Despite its age and generally-accessible medium, the publishing industry has fallen behind other entertainment. It has become tougher to make a profit off of books and interest in reading has seemingly waned as digital entertainment rises.
“For $20 dollars, you can watch hundreds of movies, but how many books can $20 dollars buy?” the NFTBooks whitepaper questions.
This is perhaps the biggest question that NFTBooks seeks to answer with their project. Piracy issues and a lack of author-oriented publishing launchpads discourage many authors from publishing, as it is seen as a non-profitable timesink.
By introducing a simple-to-use publishing platform to blockchain, NFTBooks can begin to form a concrete answer to their question from the whitepaper.
The Perfect Storm
Blockchain technology is becoming more and more popular with the masses. According to Finances Online, there were over 68 million blockchain wallet users as of February 2021.
With this growing wave of users there are opportunities for artistic endeavours to reach a much wider audience if they adopt a blockchain interface. In particular NFTs have seen a tremendous buzz thanks to their unique qualities that represent artistic assets in a single token.
By combining the growing NFT trend with publishing NFTBooks is capitalizing on a trend of the future while supporting a historical industry.
The Five Community Members
NFTBooks is made up of five kinds of users who each play a different role in the ecosystem.
With NFTBooks the middleman is removed so authors can become their own publisher. This allows for authors to pursue their genuine vision instead of fitting a publishing-house mold.
The platform allows the community to decide which books are the most popular thanks to its decentralization. This allows authors to be judged on their merits and removes any bias.
Many publishing launchpads charge a fee to authors who want to publish their original work. With NFTBooks publication is free to the author, further incentivizing the use of the platform.
Lessors are users who purchase books from authors/other lessors and can lease the rights to those books. These users are critical to author profits – by having lessors interested in their book, authors can make more sales and have their content exposed to a wider audience. If enough people are engaging with the platform, any user can become a lessor.
These users make up the backbone of the community. The more readers who are using the platform, the more that every other user stands to gain. At the same time, prices for borrowing and selling books will be lower due to competition. This collaborative ecosystem works best with an avid community of readers who can keep borrowing prices low, but borrow enough to keep profits worthwhile.
These users are able to invest in particular book NFTs that they believe will be popular. They are vital to the support system of the community, and benefit the ecosystem regardless of their reasons for investing. By holding NFTBS (the native token of NFTBooks) they earn commission on transaction fees. Because there is a limited supply of the token, users are incentivized to hold as many NFTBS as possible.
These users are incredibly important to the NFTBooks platform and a key advantage they have over their competition. These users translate books into a variety of languages, increasing the exposure of books. Translators register with authors, who then delineate a portion of profits made to the translators. Having a book in many different languages is a huge boon to authors and readers alike.
Translators are incentivized to do a quality job by community approval; if a translator does a sloppy job, people won’t be interested in their translation.
From the NFTBooks whitepaper:
$NFTBS is a BSC token launched in June, 2021.
Max supply is 100 quadrillion tokens.
Built-in redistribution mechanism – for every transaction (buy or sell), 2% is sent to existing $NFTBS holders as a reward. That means their wallets increase automatically over time.
$NFTBS Token has completed a security audit.
NFTBS powers the entire NFTBooks platform. It will be the default currency used to create, claim, buy and sell books on the protocol.
NFTBS’s source code has been audited by a third-party firm to give our holders confidence.
From the NFTBooks whitepaper:
Standard marketplace level 1 – 2021
NFTBS will have a supply-reduction mechanism to maintain deflation. The percentage of holders will be indicated on every transaction. Part of all transaction fees will be burned to reduce overall supply.
Stage 1 – 2021
3,000 Telegram Members
Community Marketing Fund
Stage 2 – 2021
5,000 Telegram Members
10,000 Telegram Members
Marketing campaign to connect with two famous Authors
Stage 3 – 2021
Rebrand to NFTBOOKS – Decentralized Exchange (DEX)
Release NFTBooks Marketplace level 1 (With Author and Lessor, peer-to-peer selling model between lessors)
Initial CEX Listings
15,000 Telegram Members
Standard marketplace level 2 – 2022
NFTBooks marketplace level 2 with full audience stated in the Whitepaper
NFTBooks Collection (Wallet and Passive Income Tracker)
NFTBooks Merchandise Store
3 More CEX listings
50,000 Telegram members
Influencer marketing partnerships
Build a system to help Renters rent books from Lessor
Build a system to help Author apply commission for Translator
Add mechanism to deduct % rewards for Author/Translators when someone borrows a book
Build a voting system to evaluate book quality
Building a voting system to evaluate the quality of translations
Building a system against frauds
Marketing campaigns are still conducted in parallel throughout the project construction period
To learn more about NFTBooks, visit the following links:
Source : bsc.news
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