A pioneer in the NFT space, Book Token is an NFT project that plans to give authors an opportunity of a lifetime through the decentralization of digital assets. They prioritize the tokenization of books and media content as NFTs so they can be stored on the blockchain and give the end user complete sovereignty of the asset, removing any third-party intermediaries. They will do this utilizing the Cardano blockchain and Web 3 technology.
Building on Cardano is a very well calculated move because Cardano NFTs are native to the chain. This means the NFTs can be stored and visible in one’s wallet allowing for a more sovereign and interactive experience. Ethereum, the second leading blockchain by market capitalization, doesn’t have the same capabilities as Cardano and all NFTs minted on the Ethereum blockchain are ERC-721 (non-native) and not ERC-20 (native). To interact with the NFTs and trade them, you need a DAPP (Decentralized Application) platform, such as open sea, to effectively trade your NFTs (We cover this more extensively in our advanced course here: https://moonboycapitalventures.com/products/advanced-course-1). On the other hand, Cardano allows for wallet-to-wallet trading and interaction with NFTs which should separate it from Ethereum and other EVM chains in the long run.
Book token sets out to solve significant issues in the book industry, such as copyright infringement, royalties, data transparency, and a lack of author-to-consumer (A2C) interaction. Amazon continues to leach margins from authors as the leading platform for all ebook and audiobook consumption and dictates the state of logistics and contracts with publishers how they please. Many authors are left with no say in the direction of their intellectual property. Book token looks to change this with DEAs or Decentralized Digital Assets. This will ensure transparency of author’s intellectual property and make sure they can track their work accordingly on-chain. They can also implement royalties to ensure they are getting compensated accordingly for every resell of their work. DEAs are also great for the end-user experience as consumers can sell their books in the secondary market because they aren't buying the license to read the book but the actual book itself. They have complete sovereignty of that asset and do with it as they please. Another technological enhancement of putting books as NFTs on the blockchain is the ability for authors to track consumer reading habits to understand better how to market to their consumers and improve the reader’s experience overall for future pieces of work. Book token also plans to integrate mint and print book bundling, multi-chain integration, and anonymous marketing.
The book token team is also very experienced, with their CEO Josh Stone having 25 years of experience in tech and their CGO Ben Illian having led teams since 2004 as a VP of Marketing & Sales, Product Owner, Social Media Manager, and Chief Growth Officer. Josh also built and sold a popular ebook platform called Bookshout.com. It had 6 million users and worked with all five major publishing companies. Josh and Ben have over four decades of experience in the publishing and tech industries respectively and have positioned this project for success.
They will also implement a “read-to-earn” model that incentivizes consumers to read and acquire more knowledge and be rewarded for each page they read in the Book token. The Book token will have other use cases, such as incentivizing users to transact in Book tokens to pay less for DEAs in some instances. Overall, this is a very interesting project and I am also looking forward to launching my book as an NFT on their platform once it is live in Q4 2022. For more information on Book token or how to invest or gain access to early-stage crypto projects like this, you can join our investment group with this link here:
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