NFTs & What this means for authors.

If you’ve been on social media, you’ve probably seen the acronym NFT floating around a bit more than usual. Bitcoins, crypto, etc. may seem like foreign languages to authors. While doing some light research, I’ve come to the conclusion that NFT (nonfungible token) is basically ownership of a digital item. As soon as I read that, I thought…wait…authors own ebooks! Let me look more into this.

Fortunately, our good friend Lulu.com, had a bit of a break down that I could understand. (Read Lulu article here.)

Not going to lie, the bit about the buyer now owning the book threw me off. I don’t want to do anything that would give away ownership of my work. However, while doing a bit more research, I found out that you can include smart contracts in your NFT that would allow for you to collect a royalty whenever anyone resells your original NFT…pretty much like when someone buys your book from Amazon, only with NFT…your royalty goes up with the resell price.

I’m still not 100% sure if it would be beneficial to create NFTs for my ebooks, however, with the world moving towards this digital currency, it doesn’t hurt to do more research.

What are your thoughts? Have you purchased any yet? Do you find it beneficial? Or will you steer clear?