NFTBooks (NFTBS), is a project that revolves around promoting NFTs for books, magazines, articles, ebooks, and so on. The project claims to become a marketing tool for authors where they can sell their books and earn passive income, meaning whenever people read a book, the author will generate profit from it. Another objective of the NFTBooks (NFTBS) platform is to empower users to read books at a fraction of the cost.
How Does NFTBooks (NFTBS) Work?
NFTBooks (NFTBS) aims to increase the popularity of books and solve the paper wastage that is rampant in the book industry. In the official whitepaper of NFTBooks, the creators argue that for $20, a person can watch hundreds of movies, however, with the same amount of money they cannot buy many books. Instead, users go for pirated versions which hurts the author’s work and the book industry as a whole.
As an alternative, NFTBooks plans to empower the authors by promoting their books to readers who can read the books at a fraction of the cost that would have been used to buy them physically. Moreover, the value received by the author through their book readers remains recurring. NFTBooks ecosystem consists of five elements: author, translator, lessor, reader, and investor.
Author
Each author takes on the role of publisher in his or her own right. When it comes to allowing writers to reach users, this can save a lot of money. Although every author can publish their books with zero publication fee. It is the community that will pick the books that are published to keep the balance between demand and supply.
The project will be decentralized because it is based on cryptocurrency. A person cannot have a negative impact on a book’s release. The initial audience of the NFTBooks (NFTBS) project is the author. The authors have the right to book publication as well as commissions on sales of the books they produce. The author must be capable of improving their worth in order for this solution to be balanced. Only then will they be able to devote enough time and effort to contributing to the community and supporting the project.
Translator
Translators render books and authors available to anybody, wherever in the world, in any language. To upload the translation, they must first register with the system’s Author. There will be no need to be concerned about the translation’s quality because the community of readers will assist you in assessing it. Members of the community will notify if the translation quality is bad.
The Translator receives the same profit as the Author, but also because the Author is the core of the book, the value they receive is set by the Author. The Translator is the one who spreads the love of the heart to everyone on the planet. The Author sets the commission to determine the degree of commission the Translator will get from the start.
This value can only be determined after the contract between them is signed, which helps to maintain fairness and clarity.
Lessor
Authors or other Lessors sell books to Lessors. They generate money by renting out their book rights or retailing their novels to other people. If economic conditions are favorable, anyone can become a Lessor. This audience is an important part of NFTBooks’ foundation. They help the author make money while also allowing readers to read for less money.
Reader/Borrower
This is the group that benefits the most from the initiative in terms of macro value; as NFTBooks grows, more Readers will be able to borrow books at ever lower costs as Lessor competition grows.
So the more people who read their novels, the more commission they make. An increase in the number of readers equals an increase in author revenues.
Investor
These are the individuals that wish to contribute to the project. They have a high status in the NFTBooks (NFTBS) community, whether they are involved in the initiative to help the community or to invest for their personal gain. Tokens can be used to rent, purchase, or publish books.
They make money by storing tokens in their wallets, engaging in online transactions, or purchasing books from Authors using tokens. They get a commission on every network transaction, and the quantity of coins in their wallet keeps growing until they make a profit.
Unique Features of NFTBooks (NFTBS)
NFTBS Token
$NFTBS is a Binance Smart Chain token that was released in June 2021. The maximum supply is 100 quadrillion, and the built-in redistribution mechanism is a major feature.
Existing $NFTBS holders receive 2% of each transaction (buy or sell) as an incentive. As a result, their bank accounts grow automatically over time. To boost holders’ trust, the $NFTBS token underwent a security audit. It will be the only currency used for creating, claiming, purchasing, and selling books.
To make sure that NFTBS holders have trust in the project, the source code has been inspected by a third-party firm.
The Value of Books
Humans started writing on rocks and trees and eventually discovered paper, after which an unlimited number of books have been written in the world. With such a big industry in place, NFTBooks (NFTBS) has found a great niche to generate a presence and dominate. This is because there is little to no competition in the world of NFT books and if the team behind NFTBooks plays their cards right, they can continue their monopoly in the market for a significant amount of time. Obviously, this will increase the project’s worth with the passing of time and every person involved in the project’s ecosystem will benefit.
Roadmap of NFTBooks (NFTBS)
NFTBooks (NFTBS) has completed many of its goals in 2021, including launching its website and token and listing on platforms, like CoinMarketCap. The NFTBS token has also crossed 45,000 holders and aims to breach the 1,000,000 holders’ mark in 2022. In addition to this, the NFTBooks platform is also working on building a system to help renters rent books from the lessor and a governance system to evaluate book quality and translations.
