{"id":9266,"date":"2024-02-14T18:49:23","date_gmt":"2024-02-14T18:49:23","guid":{"rendered":"https:\/\/legerly.com\/?p=9266"},"modified":"2024-03-07T04:39:40","modified_gmt":"2024-03-07T04:39:40","slug":"why-invest-in-nft-books-in-web3","status":"publish","type":"post","link":"https:\/\/legerly.com\/blog\/2024\/02\/14\/why-invest-in-nft-books-in-web3\/","title":{"rendered":"Why Invest In NFT Books in Web3?"},"content":{"rendered":"\n
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Web3 books are possibly the most underdeveloped sector of the Web3 economy. Illustrations, videos, songs, and other types of media have gotten their fair share of love from Web3 traders and investors. <\/p>\n\n\n\n
But books? <\/p>\n\n\n\n
You\u2019d be hard-pressed to find the first Web3 investor to claim their exclusive copy of Dracula<\/em> sold for 50,000 ETH, unlike their Bored Ape Yacht Club NFT-collecting compatriots. <\/p>\n\n\n\n And yet, it might be that Web3 books are the most reliable NFT asset ever proposed, perhaps more so than audiovisual NFTs. <\/p>\n\n\n\n Let\u2019s find out why:<\/p>\n\n\n\n The book is the spine of all audiovisual content. Whether a poem, a short story, or a full-blown novel series, books are the building blocks of the entertainment chain, and NFT books are no different.<\/p>\n\n\n\n In fact, they\u2019re better<\/em>. That\u2019s because NFT books can be configured with smart contracts to allow for new, more immersive storytelling experiences. You can add videos, songs, illustrations that show on the page, and more innovative features to enrich the storytelling medium for your readers and collectors. There are even augmented reality (AR) integrations now.<\/p>\n\n\n\n Now, think of your favorite audiovisual NFT. Perhaps its a Moonbird, a Bored Ape Yacht Club, or a CryptoPunk. It could even be a song NFT. We\u2019ve seen how those can appreciate a lot on their own, but you have the option of configuring them with an original story made into a book NFT for even more <\/em>added value.<\/p>\n\n\n\n Book NFTs and audiovisual NFTs aren\u2019t mutually exclusive. <\/p>\n\n\n\n Why not leverage the advantages of both?<\/p>\n\n\n\n Let\u2019s start this off by saying that smart contracts are the unsung heroes if Blockchain technology. If it weren\u2019t for them, Blockchain wouldn\u2019t have many practical use cases. These utilities also translate to book NFTs, where their technology can be used to tackle many of their usual issues.<\/p>\n\n\n\n In a survey we undertook for developing Legerly\u2019s platform, we asked a diverse group of writers which included both published and unpublished fiction and non-fiction authors about their main obstacles in the publishing industry. Royalty payments and piracy were among the most popular replies, both of which can be solved with the clever use of Blockchain smart contracts.<\/p>\n\n\n\n Smart contracts can be programmed to automate a myriad of financial compensation agreements. Think royalty payments, revenue sharing, licensing agreements, and more ways to ensure equitable and fair compensation for all of the Orange Economy\u2019s participants. Furthermore, Blockchain\u2019s tamper-free nature stops piracy right in its tracks from the get-go, ensuring a fairer, and more transparent industry for authors.<\/p>\n\n\n\n Now, let\u2019s talk a little bit more about the current industry, and how investing in Web3 books could benefit it. A key term to understand here is that of the Orange Economy.<\/p>\n\n\n\nNFT Books Are The Backbone of Web3 Media<\/h2>\n\n\n\n
Smart Contracts Make Book NFTs Better<\/h2>\n\n\n\n
Web3 Books Support the Orange Economy<\/h2>\n\n\n\n