Non-Fungible Tokens
It seems to me it was inevitable that at some point during the course of my daily postings this month I would write something about NFTs. After all, how could I not when they’re all the rage. Pretty much everywhere you look there’s someone saying something about them. And that’s not just in those places where the blockchain is the normal subject of conversation. All areas of the internet are aglow with chat-chat about NFTs. So, here we are, it’s my turn to add something to the mix.
However, I’ve got a particular line of interest in NFTs. I wear another hat as an indie writer of crime fiction, with sixteen books in my back catalogue, something I am always looking to make the most of. If there is another way I can reach new readers with this back catalogue then I’m interested and the more I’ve looked into the possibilities that NFTs bring to the party, the more ways I’ve seen for them to help me engage with my readers.
(An NFT is not an item in itself, rather it is the tag, a piece of code, that attaches to an item, be it a picture, song or anything else that has been digitised. Here, however, I am going to stick to the convention now in common use everywhere, which sees the item itself referred to as being the NFT).
Pulling together everything I have seen to date, I have come up with the following lengthy list of possibilities (and there are additional subtle variations on some of these that I’ve left out in order to keep things this short).
The printed word:
- Simple prints of short stories.
- Full-length novels.
- Different versions of stories.
- Tailored versions of stories where a character’s name is replaced with that of the buyer.
- Limited edition numbered versions of stories.
- One-off stories not available anywhere else.
Artwork:
- Cover prints
- Limited edition cover prints
- Connected material from my book series, such as maps, character interviews and sketches
Audio:
- Book readings (by the author or guest narrators)
- One-off audio stories not available anywhere else
Access to real-life events:
- Ticket for dinner with the author
- Exclusive access at events e.g. book fairs or readings
Time capsules:
- A completed story is released in time-triggered chunks.
- A story that is written and released over time in parts.
- Added to either of the above could be a bonus that sees premium purchasers getting these releases ahead of others.
- A branching story that responds to some action(s) taken by the holder of the NFT
Royalty share with the purchaser
I can imagine that something new has appeared in the NFT arena in the relatively short time it’s taken me to write this post, so fast are things moving. Only today, I bumped into Wakatta, a Substrate based blockchain set up with a specific focus on the NFT related needs of the entertainment industry, which is something I will be following up on in more detail later.
In fact, just the process of writing all this down has underlined to me how great the opportunities are for me to use NFTs to reach new readers and to expand my engagement with existing readers. In truth, the options are so numerous, I hardly know where to start and I also have a feeling that we’ve so far only seen the very beginnings of what is going to be possible with NFTs.
Until tomorrow…
Renaissance Man
Why this Diary?
I thought it might be an interesting exercise, as much for myself as anyone else, to keep a diary of my interests and activities in the land of the blockchain and all things crypto, so I’m going to give it a go at writing a short diary entry each day for the current month, November 2021. It will give me something to look back on and assess and it might offer up some entertainment and topics of interest to anyone who happens to read it.
The Usual Disclaimer
Please don’t take any of the above as financial or investment advice. It is intended to be nothing other than a little entertainment and information sharing. Always, but always, do your own research before committing your money to anything.