Exploring NFT eBooks and audiobooks
They’ve sold for millions, and there could be amazing upsides for digital artists. But NFTs are tied to cryptocurrency, and the recent implosion of crypto markets and the former FTX CEO’s arrest cast a pall over this new literary frontier.
However, maybe you have original digital art you think others would value, like a self-published eBook or audiobook. Maybe you even have some devalued crypto burning a hole in your digital wallet, or want to take the risk of dipping your toe into the crypto pool while prices are down. NFTs might be an interesting avenue to explore.
First off, what is an NFT, or non-fungible token? From a computing standpoint, it’s basically the same thing as a crypto coin — aka token. But it’s not your run-of-the-mill coin, there’s something unique about it. The 1943-D Lincoln Bronze Cent sold for $1.7 million because such a small number were mistakenly made. Since it’s not the same value as every other penny, it is “non-fungible.” Likewise, each NFT is a unique or limited item. And it can include any kind of digital files.
Think of an NFT eBook or audiobook like a collectible print book. If they’re common enough, or if no one really wants it, a reader might pick it up cheap at a used bookstore. But if your print book becomes a collectors item and sells for a million dollars, you, the author, don’t see a penny.
NFTs work a little differently than that rare print book, though. They can be set up so the author continues to get a cut of future sales. You might put 100 or 1,000 into circulation. Ten percent of that $1 million book is $100,000. And the author gets paid each time that copy is resold. That could be a game changer!
But even if people want the book, why pay more for the same product? Does it have unique cover art or bonus content? How much could a collector’s edition of your book sell for on the secondary market? And readers can’t just buy it with their credit card with one click. They’ll need a digital wallet and cryptocurrency.
Book.io is one of the forerunners in NFT eBooks. Browsing their selection was not like my favorite eBook marketplace. Not much content to start with, not organized by literary genre, author, etc.
I found an eBook by Science Fiction author Alan Dean Foster, who wrote novelizations of multiple Star Wars movies, including Star Wars: A New Hope, plus the first Star Wars spinoff novel, and so many more. Great! I’ve read Foster’s work, so I tried to purchase the NFT eBook.
I’d need the Cardano cryptocurrency, abbreviated ADA. $51 ADA (including 2 ADA which would actually be returned to me with the eBook when the transaction was complete) would come to a little over $20 at the time I started the transaction (the exchange rate is so volatile that minutes later I’d lost value).
It took me longer than expected to figure out how to even purchase ADA. I had to figure out how and where to set up a wallet, and link to my bank to buy the currency. And after I’d bought about $25 worth, I discovered that I still couldn’t transfer it to complete the purchase because the bank hadn’t finalized the transaction. Would this take days?
Even getting to this roadblock took much longer than the 30-minute time limit book.io gave me to transfer the funds to the 26-to-35-character address. So, your audience is probably people who already own crypto.
If you’re savvy with investments and an early adopter who will take the time to figure this out, it might be fun novelty. Publishing is traditionally a “long tail” business model, making small amounts from royalties on a growing body of work over many years. You could fatten that tail, maybe extend it.
But there’s risk. Even if NFTs eventually become the dominant model, there are bound to be bumps on the road. You may want to keep following the technology for a while before jumping on this bandwagon — the musicians are still learning their instruments, and it’s hard to tell where it’s heading.