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Let’s get some introductory definitions: what is a non-fungible token and how can it be used in publishing?
To understand this electrifying, rich topic, you must know or learn the basics of blockchain technology. One must grasp the meanings of cryptography, make use of cryptocurrencies and open a cryptocurrency wallet.
You’ll need an account on an NFT marketplace to create your own NFT. This is the land of electricity and digital displays as seen through a computer or a handheld device. It is changing how we see and view money, assets and how the world handles old-fashioned cash. Hold on to your wallet, your relationships — your everything — if you want to venture into this business of crypto, NFTs and blockchains. Remember the old “trust but verify” adage.
Definition Of A Non-Fungible Token
According to Forbes, “An NFT is a digital asset that can come in the form of art, music, in-game items, videos, and more. They are bought and sold online, frequently with cryptocurrency, and they are generally encoded with the same underlying software as many cryptos.” NFTs are becoming popular ways to create and distribute art.
A blockchain is, as explained by Synopsys, “…a distributed database that maintains a continuously growing list of ordered records, called blocks. These blocks ‘are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp and transaction data.” They are decentralized solutions without a singular point of failure with a public digital ledger to keep record of transactions. It is immutable, or cannot be altered, and the network must come to a consensus to verify each transaction.
Think of this as a real-life chain, similar to a chain that lumberjacks use to pull logs out of the woods made of metal/iron links. The newest link with data and information is in your hand; the oldest link “cryptology” is the last link at the other end of the chain. No worries on understanding the tech jargon. Folks such as Techjury think only 0.5 percent of the people on planet Earth are using this blockchain technology. In other words, 99.5 percent of the people on the planet may not even understand this paragraph.
Like most technology, the study and education around newly created assets bring focus and clarity to issues like NFTs. Understanding that there are new technologies being constantly built may be comforting for business owners, but it will never be enough. You must always be looking for competent new talent to pay for their knowledge.
The Rolling Stone Culture Council is an invitation-only community for Influencers, Innovators and Creatives. Do I qualify?
Can NFTs And Publishing Co-Exist, Work Together And Make Money?
The quick answer is yes, but there are issues with copyright, funding, sales and more. This article from the Library of Congress helps provide some context for the legal side in regard to ownership of NFTs.
Well, ride ’em cowboy! There’s a new publisher in town and it’s called the blockchain. Authors, writers and self-publishers can publish limited copies of their literary works as NFTs. This can give the author some credibility and even create a bit of press, potentially increasing the value of their works among certain buyers. An NFT can help rid the author of a publishing body and go directly to the consumer. But, so can a basic author-owned website — without the potential copyright issues. It’s similar in a way to creating a book or piece of art via AI, and then trying to truly own it. This creates a complex situation where copyrights can be heavily disputed.
I mean frankly, if you know what you are really doing, you could find some potentially lucrative opportunities in the NFT space. If you don’t know what you are doing, you should expect a huge learning curve. This new technology can level the financial playing field. NFTs are not bar codes of a centralized system to be accessed by anyone with authority to do so. This is a decentralized technology in a digital wallet. I wish universities, high schools and libraries were teaching this technology to the masses as it was being debuted, instead of catching up on the back end. Learning and using crypto and NFTs is a process, a skill set and an educated talent.
Advice for any artist, creator or publisher is: You are not alone. Step outside your comfort zone, outside of your expertise and your training. As you age in the technoworld or become interested in being a user of new technology, seek help and advice from the educated. Crypto is more than an invitation found on the tail end of your social media accounts.
Non-Fungible Tokens Are Awesome
Understanding NFTs and how they can provide a positive impact on your life is a great place to begin learning about this awesome tech. Learn the language, and ask how an NFT works. Everyone has heard about them but how do they really work? NFTs are not imaginary, they are real. The government taxes their capital gains — that makes them really real. There are thousands of articles, videos and papers on NFTs from a variety of interested parties.
A lot of folks talk negatively about crypto, blockchain, NFTs and more in the “cyber wallet industry.” I encourage you to explore and learn about the fascinating world of crypto. Beware, true experts are hard to come by and if the electricity fails and you cannot get connected, you might need to borrow an old-fashioned paper dollar from the fellow down the street for your next purchase.
You may have more questions than answers at this point. For myself, I truly cannot learn enough.
The information provided here is not investment, tax or financial advice. You should consult with a licensed professional for advice concerning your specific situation.
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