How Literary NFTs Are Helping Writers Enter Web3
In January 2021, Blake Butler didn’t even consider publishing Decade. The novel was written in 2008, but due to its complicated structure, complex language, and experimental form, it was considered unmarketable. It was completely unpublishable, basically. During that time, NFT mania was just starting. Everyone from The Times to The Wall Street Journal was talking about how people made millions selling digital art and music. That February, Butler had an epiphany – turn the novel into a GUF and mint it as a non-fungible token. Upon buying the NFT, the owner would own the GIF as well as the manuscript. Just a day after the novel was minted, a stranger bought it for 5 ETH , equivalent to $7,569 at the time. And that’s just one example of how literary NFTs are benefiting writers. What Are Literary NFTs? While the traditional publishing industry has been going steady for quite some time – it earns $700 million per year from printed book sales alone – the need for a mo...
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