How does blockchain technology enable true ownership of digital books, and what implications does this have for consumers compared to traditional licensing models?
In what ways will the ability to resell, lend, or transfer digital books impact the relationship between consumers and authors/publishers?
What potential new revenue streams could authors and publishers access through this project, and how might this change the digital book industry?
We use ERC-721 or NFT technology, where each book has a token ID, and each book has a unique token, even for the same book.
This is different from a license, which defines 1 book work for all copied books.
So when a consumer buys a book, which may be the same as another, but the consumer owns a unique book and holds full rights to the book.
The answers below may answer the second and third questions:
The ability to resell, lend or transfer digital books will have a huge impact, especially on the price of books.
For example, currently, the price of a book is say: $10, but if the book owner wants to resell the book, then the author will get nothing afterwards, because it can be said: sold out.
But with this ability, the author can reduce the initial selling price to 5$, with a royalty system from each resale, say 20% royalty on each sale, then the author will get 1$ from each resale, so the author does not have to worry about the initial selling price, and basically the consumer has saved 5$ from the purchase of the book which should be 10$, isn’t this a win-win solution?
Yes, we set the worst case time in December, December before December 3, but of course we will try to mainnet before that.
It is easy to launch smart contracts on the mainnet, but we think about the seriousness of utilities, functions and data, so that after the mainnet, our project is well-used and sustainable.