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Okay, hey I understand if there are people who don't yet understand all the acronyms here, but please, PLEASE don't just 'gang tackle' me because you just love to critique and criticize (if that's the sort of person you are; I had to stick this here because of the thing that goes on especially on places like FB nowadays)...

For anyone and everyone else, if you want to explore the potential, then, maybe look at this:

I would like to find 20 writers (max at this stage) who would like to participate in an NFT project. It absolutely will cost (it HAS to cost that, don't whinge; it's what it IS!) around 10-20 bucks each for the 'ETH' or equivalent BTC tx fees and SLP (simple ledger protocol) set-up. AND, you will have to contribute some 'journaling' style notes or short stories to tether to the NFT's. But the exchange listed take-out potential is very significant in this specific case - which I'm not going to broadcast here publicly, but privately, yes. And, it's not going to happen 'overnight.' One obvious side benefit is you will expand your current readership.

Talk to me.
 

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OK. My first thought is that there is a potential here if using it for limited editions, as in high price and only a short 'print' run. Perhaps equivalent to classic first editions. Then the proof of ownership and ability to sell on is useful. Blockchains have been used successfully for digital artwork in a similar manner.
However, for normal sales, it seems cumbersome.

I have to also point out the environmental impact is higher than normal ebook distribution.
 

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OK. My first thought is that there is a potential here if using it for limited editions, as in high price and only a short 'print' run. Perhaps equivalent to classic first editions. Then the proof of ownership and ability to sell on is useful. Blockchains have been used successfully for digital artwork in a similar manner.
However, for normal sales, it seems cumbersome.

I have to also point out the environmental impact is higher than normal ebook distribution.
Ethereum is moving to a proof of stake model with Ethereum 2.0. Also, you have other networks that are already on a PoS model and are starting to incorporate NFTs (e.g Polkadot). Proof of stake is far less impacting on the environment. Also, centralised networks can be quite polluting as well.

I'd be very interested if someone develops an actual book marketplace on a decentralised network that competes against Amazon directly. You have decentralised crypto exchanges already, so I can imagine it won't be long until we have a book market place. Not so sure about NFTs, other than collectables (like you have mentioned).
 

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I'm very interested. My writing partner and I write crypto fiction (CRYPTO SHRUGGED and CRYPTO CITIZENS as well as short stories) and the appropriateness is mind boggling. If you send me more info about a potential timeline and the commitment you'd want, we can talk turkey. He has our books related to crypto on his site.
www.nomadicgiant.com
 

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Okay, hey I understand if there are people who don't yet understand all the acronyms here, but please, PLEASE don't just 'gang tackle' me because you just love to critique and criticize (if that's the sort of person you are; I had to stick this here because of the thing that goes on especially on places like FB nowadays)...
It's funny that you should write that and then go on to toss 4 acronyms at us but only explain one of them?

I have no problem with your post, except that I'd like to understand what you're talking about? :D

So, could you clarify for me (and others who are clueless) what these mean?

NFT
ETH
BTC

Once you've answered that, you might get more responses...
 

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It's funny that you should write that and then go on to toss 4 acronyms at us but only explain one of them?

I have no problem with your post, except that I'd like to understand what you're talking about? :D

So, could you clarify for me (and others who are clueless) what these mean?

NFT
ETH
BTC

Once you've answered that, you might get more responses...
And there's me thinking it was just me!
 

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It's funny that you should write that and then go on to toss 4 acronyms at us but only explain one of them?

I have no problem with your post, except that I'd like to understand what you're talking about? :D

So, could you clarify for me (and others who are clueless) what these mean?

NFT
ETH
BTC

Once you've answered that, you might get more responses...
ETH and BTC are two crypto currencies. (Ethere and Bitcoin). NFT is non-fungible token and means it is distributed by a blockchain. The decentralized power of blockchain technology verifies the authenticity of a digital asset, say digital art or an ebook.
 

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ETH and BTC are two crypto currencies. (Ethere and Bitcoin). NFT is non-fungible token and means it is distributed by a blockchain. The decentralized power of blockchain technology verifies the authenticity of a digital asset, say digital art or an ebook.
OK, that helps... a little bit LOL. I'm still not sure I understand what this is, how it would work, let alone how it would bring new readers?

What I'm getting from this (but correct me if I'm wrong) is that NFT refers to a secure method of distribution (blockchains?)... but that doesn't tell me (us) where or to who these stories would be distributed? How much reach would it really have? What's the platform? And would this increase sales or is it just about "exposure"?

Still too many unknowns.
 

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OK, that helps... a little bit LOL. I'm still not sure I understand what this is, how it would work, let alone how it would bring new readers?

What I'm getting from this (but correct me if I'm wrong) is that NFT refers to a secure method of distribution (blockchains?)... but that doesn't tell me (us) where or to who these stories would be distributed? How much reach would it really have? What's the platform? And would this increase sales or is it just about "exposure"?

Still too many unknowns.
Fundamentally, and depending on the implementation, what we are talking about it a new, incredibly secure sales channel for books. There are many, many ways to do this---people sell real estate trusts with these things, so they are versatile. You can setup escrow systems so that they automatically settle a deal once all parties have done their part. As far as reaching new readers (aka exposure) I don't know if the OP has any ideas on that line. The main thing is that it would be popular with people who are interested in moving away from fiat currency and exchanging their work for cryptocurrency, although you, the seller, could convert it to dollars or pounds or yen at any time, through paypal even.
So it is a new thing. As such, untested but exciting (sort of like investing in Space-X). I'm hoping the OP will clarify the idea.
 

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OK, that helps... a little bit LOL. I'm still not sure I understand what this is, how it would work, let alone how it would bring new readers?

What I'm getting from this (but correct me if I'm wrong) is that NFT refers to a secure method of distribution (blockchains?)... but that doesn't tell me (us) where or to who these stories would be distributed? How much reach would it really have? What's the platform? And would this increase sales or is it just about "exposure"?

Still too many unknowns.
Think of it as a means of establishing digital rights and implementing a smart contract into these rights. An example being (it's far easier to explain with "art"). A digital artist can sell his/her piece of art on the Ethereum network (ETH is Ether which is the "cryptocurrency", Ethereum is the network that is kept alive by decentralised nodes) with a smart contract attached to it. This contract is authenticated by the network and says "this is the only true and real copy". So, although this piece of artwork can be easily replicated, without the built-in contract, all the others would be proven to be fakes. The biggy for artists/creators is that you can make it so that you take a part of the profit from any sell-on. So if this artwork gets sold ten times, the original artist takes profit from those ten sales. The question would be unless you're wanting to make a scarce product (hence the concept of non-fungible token), it wouldn't quite work otherwise. So, say you had the first draft of a REALLY popular book or a cover that you didn't make the cut for it. You could potentially sell that on to a superfan, and they will have digital proof that it is the real and only deal. At this moment in time, I don't see the marketable applicability in relation to books.

The boring part is that the authentication can exist because decentralised networks are incredibly hard to hack. You'd have to take control of over 50% of the nodes. Well, you could still do a lot of damage with less, but do this, you'd have to spend ungodly amounts (Unlike with centralised networks, where you only have to aim at one place to attack e.g. Facebook lost 533 million people's personal data recently). Then you'd devalue the network completely and it would make the attack pointless (unless you're Joker and you only want to see the world burn). You don't have this level of authentication with any physical pieces of art. It's far more of a guarantee and far cheaper than hiring art experts.

Bitcoin's network cannot do this. Bitcoin is just a store of value kept alive through a decentralised network, but a very good one. Think of it as digital gold.

To conclude (sorry!), NFTs are very new tech. No one has a clue about how we will actually utilise them in the future, so people are just giving it a go.
 

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Fundamentally, and depending on the implementation, what we are talking about it a new, incredibly secure sales channel for books. There are many, many ways to do this---people sell real estate trusts with these things, so they are versatile. You can setup escrow systems so that they automatically settle a deal once all parties have done their part. As far as reaching new readers (aka exposure) I don't know if the OP has any ideas on that line. The main thing is that it would be popular with people who are interested in moving away from fiat currency and exchanging their work for cryptocurrency, although you, the seller, could convert it to dollars or pounds or yen at any time, through paypal even.
So it is a new thing. As such, untested but exciting (sort of like investing in Space-X). I'm hoping the OP will clarify the idea.
Oh! So this would be a way for authors to sell directly to readers, without going through a third party site like Amazon, is that it?

That would be interesting, though I wonder if there would be enough readers out there interested in this. The whole cryptocurrency thing might put off quite a few, I suspect (ie too technical, or at least it could give that impression).

Unless you could find a way to make it invisible to the end user. Like have a simple form on your website, people pay in dollars, but it gets converted in crypto in the background... or something like that?

Anyway, yes, clarifications from the OP would be much helpful ;)
 

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Oh! So this would be a way for authors to sell directly to readers, without going through a third party site like Amazon, is that it?
The biggest issue I could see with something like this is that, if I understand correctly, each NFT costs close to $100 to make. Unless that changes, I can't see this working for regular books. It would need to be for special editions or something.
 

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Thanks for that link, that really helped make more sense of this.

Though I have to say I also came out of that with a load of new questions LOL. Like... what makes this so secure? what would stop someone from claiming ownership of your book before you did? if the data can't be changed, how would you fix a typo in the book title, for instance, let alone update your blurb?

Well a lot of those are beyond the scope of this thread, I suppose.

But I'm really skeptical about the security aspect. People always find ways to circumvent protections. It might be the most secure system today, but I don't see how they could guarantee this would still be the case five or ten years from now?

Still, it's a fascinating topic.
 

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Blockchain has proven itself secure, which is how it can be used for escrow services and contract completion. What happens in ten years???? The world changes and things are different. As H.L. Mencken said: "Prediction is always difficult, especially about the future."

Right now, this strikes me, at least, as a possibility to explore. It might be that it is too unwieldy for ebooks, I don't know. I would imagine that you'd need to make corrections as they did in olden times, and issue a new edition. Remains to be seen.
 

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Discussion Starter #17
I'm very interested. My writing partner and I write crypto fiction (CRYPTO SHRUGGED and CRYPTO CITIZENS as well as short stories) and the appropriateness is mind boggling. If you send me more info about a potential timeline and the commitment you'd want, we can talk turkey. He has our books related to crypto on his site.
www.nomadicgiant.com
Good, good. Great. Wait. I'm on a local school board and wrapped up in something there all day today...
 

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Discussion Starter #18
Oh! So this would be a way for authors to sell directly to readers, without going through a third party site like Amazon, is that it?

That would be interesting, though I wonder if there would be enough readers out there interested in this. The whole cryptocurrency thing might put off quite a few, I suspect (ie too technical, or at least it could give that impression).

Unless you could find a way to make it invisible to the end user. Like have a simple form on your website, people pay in dollars, but it gets converted in crypto in the background... or something like that?

Anyway, yes, clarifications from the OP would be much helpful ;)
I'm working on posting some more details that 'could' clarify some matters - I mean, you are actually quite right in raising the issues that you did, because the whole thing does hold the risks of both being MORE complicated than useful, as well as forgetting about the PRACTICAL fundamentals of marketing and 'reach.'
 

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Discussion Starter #19
The biggest issue I could see with something like this is that, if I understand correctly, each NFT costs close to $100 to make. Unless that changes, I can't see this working for regular books. It would need to be for special editions or something.
Definitely does not cost so much AT ALL - nothing like that. However, some people may be 'costing' up all the peripherals and 'platform' fees that relate to WHERE you are minting NFT's or issuing a Blockchain agreement through. So this kind of exorbitant cost might be being quoted by third party vendors who are acting as 'middle men.' It's not invalid completely - I could see how someone might quote this cost. But it's not what people are doing for the most part.
 

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Discussion Starter #20
Blockchain has proven itself secure, which is how it can be used for escrow services and contract completion. What happens in ten years???? The world changes and things are different. As H.L. Mencken said: "Prediction is always difficult, especially about the future."

Right now, this strikes me, at least, as a possibility to explore. It might be that it is too unwieldy for ebooks, I don't know. I would imagine that you'd need to make corrections as they did in olden times, and issue a new edition. Remains to be seen.
I must say, I find it interesting that so many people are rushing well ahead of the first steps into complex structural speculations about 'how' to make the thing function for eBooks. It can, but you are absolutely right, it will probably not work for your average eBook that is just out there as part of a standard marketplace of 'read/consume and forget.'
 
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