Impact on royalties
One of the main benefits of using NFTs for eBooks is the potential to provide a new model for royalties and rights management. In the traditional eBook market, royalties are typically paid out to authors and publishers based on the number of copies sold. However, this model has a number of limitations. For example, it does not take into account the value of an individual eBook, or the fact that some eBooks may be worth more than others (such as bestsellers or rare editions).
With NFTs, we create a more flexible and fair royalty system. For example, a portion of the sale price of an NFT eBook is automatically allocated to the author and publisher as a royalty. This is based on a fixed percentage, or is a variable amount determined by the market value of the NFT. This allows authors and publishers to be fairly compensated for their work, while also providing an incentive for them to create high-quality eBooks that are in demand.
NFTs also track and manage the rights associated with an eBook.
For example, an NFT could specify that an eBook can only be read a certain number of times, or that it can only be accessed by certain individuals. This helps to prevent piracy and ensures that authors and publishers are fairly compensated for the use of their work.
Overall, the use of NFTs for eBooks creates a more sustainable and equitable ecosystem for the eBook industry. It provides a new source of revenue for authors and publishers, while also giving them more control over the distribution and use of their work.