ValteWed, Jan 12, 2022 5:29 PM
DeFying Gravity: NFTBooks — Popularization Reading on Blockchain
In our new episode of DeFying Gravity series explaining all the most interesting crypto startups, we decided to take a look at NFTBooks — a new project that aims to make reading great again allowing authors to fairly earn from their creativity. We dig into the details of the project to see if the future of reading might also go crypto.
What is NFTBooks?
NFTBooks is a new crypto project that aims to revolutionize the way intellectual knowledge is spread by combining it with the new possibilities introduced by crypto. The project focuses on the books as the important knowledge treasures that record the experiences and values of the predecessors passed to the next generation.
Simply, it allows users to read books at a cheaper cost while providing a chance for the authors to be protected from the pirates and earn money from each interaction with the content. Thus, the books become more affordable for the average user even from the poor and developing countries.
According to the official NFTBooks website, the main problem of the industry at the moment is the high price for the content, stopping many potential readers from legally purchasing the books. Instead, they look for pirate copies and make creators lose profits.
The platform works similar to social media, where everyone will add up to the point of why this book is interesting or should be read. The writers will support each other in order to develop the whole book-writing industry.
How does NFTBooks work
NFTBooks makes everyone win: the readers get cheaper books, the writers regain their profits with the possibility to passively earn overtime and the investors can generate the revenue from input in the project. The users got to use an App where they can find legal content 100 or even 1000 times cheaper than anywhere else.
Anyone can become an author in the NFTBooks, keep the publishing rights and receive publishing fees from everyone who wants to own the book. There is a significant difference from retail platforms — the writer or journalist doesn’t have to pay commission for every sale. Instead, they pay a small fixed fee to the NFTBooks network.
The team plans to implement more tools to help writers to understand their audience. This part is still under active discussion and the team encourages anyone with good ideas to participate in the brainstorming. The current ideas to measure the readers’ interest include:
- Full content reader index — will show the number of users who completed the whole book indicating its popularity and quality;
- Percentage of the content completion — will show where most of the readers decided to leave the story, so the creators can analyze their own work and find effective ways to improve the content;
- Demo and bought index — will show how often the book was bought and quoted by the users; additionally, there might appear an option for the writers to contact the readers according to the written reviews.
The combo of the features grants fair competition between the writers. They will be able to see the stats of the other creators making space for a transparent and exciting competition.
For the users who don’t write, but desire to make money from the books, the project offers an opportunity to purchase the materials and earn “rent” from others reading them. The concept was inspired by the Public Libraries. But unlike funding from the budget, NFTBooks are self-funded by the users without the need for a centralized system.
The project cares for the investors as they were the first to believe in the idea. That’s why the team implemented a deflationary mechanism and decided to redistribute 2% of every transaction back to the holders in an equal manner. The early investors can also enjoy reduced lessor’s fees on the books in the ecosystem.
There is also a space for translators in the system. They will be able to earn and authors will get a chance to expand their audience and choose the commission they are ready to provide for the translator.
NFTBS is the native asset of the project powering the ecosystem. The coin is needed to purchase or rent a book. As expected with the project development the demand for the token will increase. The WhitePaper says that users’ wallets will never get to 0.
The token was launched on June 7th, 2021 on Binance Smart Chain to make the transactions for the users as low as possible. Currently, for every transaction, 4% tax is to be paid, from where:
- 2% is allocated to the token holders (hold-to-earn model);
- 2% is burnt to grant the deflationary token model.
The total supply of NFTBS is 100 quadrillion tokens, but 20 quadrillions were burnt on the launch time. 4% of the total amount is allocated for the developers’ wallet and 20% of the tokens are meant for development purposes. 55% of the total supply is a liquidity pool and 1% was allocated for the airdrop for the early investors.
How to buy NFTBooks?
NFTBS token is currently only available on Pancakeswap and can be purchased from the contact address published on the official website and also on Coinmarketcap. Tokens also can be obtained from the page itself by connecting BSC Wallet (MetaMask, Coinbase, TrustWallet). To get the assets user first needs to buy some BNB and then exchange them for NFTBS.
Roadmap, Achievements, and Plans
At the moment of publishing the project has undergone 3 stages of development. The first one included the official launch of the token and the website, gaining 2000 holders and being listed on the major exchanges such as Coingecko and Coinmarketcap. NFTBS code was also audited during this stage without any critical security issues defined.
During the second stage, the project got listed on CEX. and the number of its holders surpassed 10K and most importantly White Paper was released.
In the third stage, the community expanded to over 15K members and the number of holders reached 30K. Beta Publishing Testnet was released and NFTBooks company was registered with the website relaunch.
In the first months of 2022 team plans to complete an audit by Certic and finally roll out the beta version of the NFTBooks platform. By the end of April, the number of holders is supposed to reach 60K and the overall community must exceed 30K members. We are to expect some solid collaborations probably with well-known authors or publishers.
The second stage of 2022 project development will bring the NFTBooks mainnet platform and the release of Lesser Market. By the end of the year, the project will be fully out, including the official app for the readers.
Future of the Project
NFTBooks team makes steady steps towards taking its space in the crypto world. The project has already been noted as one of the top-mentioned crypto startups on Twitter. Just before the New years, the team shared the screens of the upcoming web app for the project.
If all the planned features will come out at the time, creating a transparent ecosystem, we might see not only NFTBS token price rise but also a new breath for the reading culture. It’s not the only project that focuses on the author’s revenues and ownership but stands out as a great idea to nurture the passion for reading while giving an extra option to fairly pay and get paid for the quality content. NFTBooks with the right development efforts can show us the crypto future of reading.