NFT can be anything. “Writing NFT” is the use case for text-based content such as books and articles.
The advent of Non-Fungible Tokens (NFTs) has significantly contributed to the growth of the blockchain industry. It provides creators with a unique opportunity to monetize their digital creations and fosters the development of distributed technology. Consequently, many individuals have become more curious about the possibilities of Web3 and have opened up their wallets to explore the blockchain ecosystem.
NFT has become synonymous with several concepts: ownership, uniqueness, content value, community, stakeholder economy, co-creation, and identity. However, the issue of price speculation has taken center stage, drawing more attention than any other aspect of NFTs. Nonetheless, such a phenomenon is commonplace in most emerging industries, and more possibilities will undoubtedly occur with time.
Excellent Business Model for Open Content
Identity is a crucial aspect of an individual’s online presence. Most of the time, people pay for something other than functionality but rather for social status or self-actualization. It’s about owning NFTs and creating a digital persona that reflects your achievements and values. Your NFT portfolio is a testament to your creativity, skill, and vision. It’s a reflection of who you are and what you stand for. The idea sounds abstract, but it’s ordinary in daily life. For example, buying a handbag may not necessarily be because it’s durable, but more often because it makes one feel good or gains recognition from friends or the community. Peoples wear their achievements like a badge of honor in the physical world; similarly, they can display their digital achievements with equal pride in the Web3 world.
In the context of the creator economy, readers pay for free content because they want something more besides information accessibility. Subscribing to an author on Patreon is primarily to support them. Readers care about the abstract relationship between themselves and the creator and that sense of self-identification that comes with participating in it. Here comes the crucial role of NFT as it is the proof of ownership – the footprints of a Web3 identity, as “You are what you read”.
Hence, Writing NFT is a monetization solution, especially for open content, as it is a perfect vessel of abstract values, such as social status. Writers can profit by selling NFTs, just like books, and profiting without relying solely on advertisements and paywalls.
Reimagine the Publishing Industry – NFT book
Beyond their capacity to monetize digital content, NFT also enables creators to define a universal format for unique items in the metaverse. An NFT can represent any digital information that is one-of-a-kind, including an email, image, or even the identity of a book. With a public consensus on the definition of NFTs, the economic modeling of every vertical industry will experience a significant shift.
LikeCoin has always been committed to decentralized publishing, and its latest venture involves supporting NFTs on the LikeCoin blockchain. This feature is tailored to meet the needs of creators specializing in text-based content creation. Similar to traditional publishing workflows, where authors secure their content and sell it through various channels, creators can now register their content on the LikeCoin chain, mint NFTs of it, and sell them on NFT marketplaces. However, unlike traditional publishing constraints, content creators can directly publish their work and exchange value in the metaverse, which is more flexible and sustainable.
LikeCoin’s founder, kin ko, has conducted a decentralized publishing experiment by publishing an “NFT book”. The publication of “Moneyverse: How money works in the multiverse” is based on the premise of safeguarding the interests of authors, editorial team and channels, without considering the printing factory and logistics. This experiment ensures that all parties involved, including authors, editors, designers, curators, distributors, and technical support, receive a reasonable share of the proceeds. It also allows readers to pay for and collect authentic NFT books according to their ability, while those in need can download free copies to acquire knowledge.
Overall, this experiment has successfully demonstrated that decentralized publishing based on the principle of “All rights reserved but stay open” not only facilitates the dissemination of information but also considers the interests of the publishing industry.
One of the most exciting aspects of NFT is how they allow creators to connect with their audience on a deeper level. With on-chain data, creators can quickly identify who has purchased their NFTs and use that information to build a community of supporters. By sending personalized NFT gifts and messages, creators can show appreciation for their fans and foster a sense of belonging in their community. The distribution of NFT can increase engagement and loyalty, as fans feel more connected to the creator and their work. Additionally, the transparency of on-chain data allows conditional offers to incentivize fans to participate in specific actions, such as sharing a post or attending an event. Through NFTs, creators can build a thriving community of supporters invested in their success.
Web3Press to Bridge WordPress to Web3
Besides the NFT book example which strive a balance between openness and monetization, Writing NFT also integrates WordPress, the most popular open-sourced website publishing software.
Web3Press, one of the products in the LikeCoin ecosystem, is a WordPress plugin to let writers publish their posts to the blockchain as Writing NFT. In online content, Web3Press stands out with its innovative business model that caters to open content. This unique approach offers a refreshing change for creators not fond of gating their content for monetary gain. The platform does away with the traditional reliance on paywalls and advertisements. Instead, it provides a new avenue for creators to monetize their work so that they can share their creations freely and generate revenue simultaneously. This benefits both the creators and the audience, who can access high-quality content without paying a steep price. Web3Press is leading the way in creating a sustainable model for open content.
The plugin simplifies the process of NFT-minting in an unprecedented way. A click of the “Publish” button is all a writer needs to do, as the plugin takes care of the rest, from uploading content and its metadata to LikeCoin chain, Arweave chain, and IPFS, to minting a Writing NFT. In addition, an “NFT widget” is embedded into the content, allowing readers to collect the NFT of the post during their reading journey. This NFT widget transforms every WordPress site into a Web3 marketplace.
WordPress’s mission statement is grounded in the ideals of “the freedom to build, the freedom to change, the freedom to share.” Web3Press augments this vision with another idea: “the freedom to own.”How to mint a Writing NFT by Web3Press WordPress plugin
Liker Land – the Marketplace for WordSmith
Liker Land is a marketplace specifically designed for “Writing NFTs,” introducing a groundbreaking avenue for writers, editors, publishers, and anyone passionate about the written word to engage in transactions. An NFT marketplace dedicated to textual works is vital infrastructure in the creator economy because it helps creators find the appropriate audience for their content. For instance, just as one wouldn’t go to a vegan restaurant to purchase a steak, it is essential to have a specific marketplace for certain types of goods or services.
Moreover, Liker Land offers a secondary market, allowing users to resell their NFT collections effortlessly and providing a convenient platform for investors to trade. As a result, the marketplace injects increased liquidity into the market and presents more opportunities for creators.
Beyond this, Liker Land also serves as a space for showcasing community identity. It is not just a marketplace but a community where creators and readers can interact, exchange ideas, share, and learn. The infrastructure fosters the development and prosperity of the creator economy.
If every independent website represents a small shop, Liker Land resembles a vast bazaar that embraces diversity. We believe this marketplace will invigorate the growth of Writing NFTs.
Collecting a Writing NFT is easy. Assume that you are new to Web3, you can buy the NFT by your credit card right away. The cost is a bit higher than buying with LikeCoin tokens but convenient.
- Click on the “Collect Now” button on the NFT Widget.
- Choose the “Credit Card” option for payment.
- Enter your credit card details and billing information.
- If your payment is successful, you will receive an email to ask for your crypto wallet address.
- The Writing NFT will be transferred to your wallet after you supply the address information.
You will need a crypto wallet to receive the NFT. You can install at least one of the following wallet:
- Keplr wallet (for desktop user. It is a Chrome extension)
- Cosmostation wallet (for mobile user, it is a mobile app)
If you have your wallet ready during the purchase, you will receive the NFT right away.
The NFT Widget is typically embedded somewhere in the writing, most of the time at the bottom of the article. You can also visit Liker Land, the Writing NFT marketplace to browse for what you can buy.
Other Exciting Possibilities
Besides long-form articles and NFT books, Writing NFT can be in shorter forms like tweets. The popular open-sourced social network software Mastodon can integrate Writing NFT as Liker.Social did; the seamless integration utilizes open-source code provided by the community, making it effortless for other content platforms to follow suit. With a limit of 500 characters per post, known as a “toot,” authors can imbue their brief expressions with creative flair and a striking visual to transform them into literary gems, immortalizing their unique perspective and capturing a singular moment of artistic expression. In addition, issuing Writing NFTs is exceedingly simple, enabling authors to monetize their content easily.
Integration with Writing NFT with open platforms such as Liker.Social on Mastodon marks a significant milestone for open content, opening up new avenues for authors to share their work and connect with their audience while creating value for their creations. Another interesting showcase that have integrated Writing NFT by the open-source kit is illustBuy, a platform for manga illustrations.
Please follow the steps shown in this clip (Mandarin) to mint an NFT on Liker.Social.
Preserving content has always been challenging, especially in the digital age, where it can be easily lost or erased. However, with the integration of NFTs, content preservation has become more attainable. LikeCoin’s NFT marketplace provides a solution that enables creators to safeguard their content by registering metadata on the LikeCoin chain, storing their creations on decentralized file systems such as IPFS and Arweave, and backing them up on the Internet Archive. This powerful combination of technologies ensures that content is easily accessible and highly secure, protecting it from threats like loss, theft, or censorship. In essence, NFTs serve as a digital time capsule, preserving the creator’s vision for future generations.
More than personal usage, LikeCoin has collaborated with Starling Lab to register media metadata on the LikeCoin chain for immutable preservation. Starling Lab, cofounded by Stanford and USC Shoah Foundation, uses decentralized web protocols to archive vital digital records. In June 2022, Starling Lab, alongside LikeCoin and others, submitted the first of many dossiers to the ICC documenting war crimes that targeted schools in Kharkiv. This is the first time that cryptographic systems, distributed storage, and public ledgers are utilized to secure evidence in a submission to any court of law. Starling Lab announced the Dokaz Alliance at #Consensus2022 to continue this work for authentic digital evidence preservation.
One Step Closer to the Future
Integrating NFT into creative works marks a significant milestone in the evolution of digital content creation. With Writing NFT marketplace, creators can enhance their creative processes and monetize their work while offering audiences unique and valuable content. The application of NFTs in the creative industry is an example of how blockchain technology continues to provide solutions that disrupt traditional business models.
Writing NFT is an innovative tool that can help redefine the future of the creative industry. It presents a new way for creators to showcase their work and gain recognition while maintaining ownership and control of their intellectual property. The Liker Land marketplace is also an excellent way for creators to connect with their audience and engage in a dialogue that can help shape the direction of their work.
“The future is not something we enter. The future is something we create.” Writing NFT represents a step closer to that future. Integrating NFTs in creative works provides endless possibilities that can help redefine how we create, consume, and interact with digital content. However, the limitless potential of NFTs is yet to be fully realized. Writing NFT is not just a tool for monetization but a catalyst for creativity and innovation that empowers creators and consumers alike. Integrating NFT in Writing is an exciting development that ushers in a new era of digital content creation, and we can only look forward to what the future holds.
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This is a companion discussion topic for the original entry at https://insights.blockonomics.co/writing-nft-beyond-a-singular-unique-creative-work/