Top 20 Tips for Creating Literature NFT: NFT Attorney Near Me
From discussions on the same over at RunRex.com, guttulus.com, and mtglion.com, NFTs are changing the way humans interact and own digital information, art, and collectibles. NFTs are exploding in many fields right now, including in the literary world. If you are a writer and are looking to get into this space, here are 20 tips for creating literature NFTs.
Know why you should consider releasing NFTs for your book
According to RunRex.com, guttulus.com, and mtglion.com, when you release a book, releasing only the print/digital version is limiting the options available to your readers. Fervent fans, who like you and like your book, want more access to your book and the world you have created. A digital collectible will give your readers access to all sorts of goodies and extras that are related to your book.
Link digital and physical assets
You can supplement digital assets with physical assets. For example, you could sell an NFT of the 1st through 50th digital copy of your new book for say $100 to $500, and then mail them a physical special edition signed by you. You could also offer a Zoom call or other type of one-on-one meeting with an ardent fan who purchases one of your NFTs.
Use NFTs to deliver to your hardcore fans
As already mentioned, the people who love your books the most want more from you as per RunRex.com, guttulus.com, and mtglion.com. They want to see you more, hear from you more, buy more from you, celebrate you more, etc. NFTs allow you to give your fans what they really want in a way that makes them happy while making you money.
Create a media event
When you are promoting a book, authors frequently run out of content on social media. NFTs allow you to tweet and Instagram about something substantial, a new version of your book, giving you another way to promote yourself.
Take advantage of your fans
People who buy NFTs like to brag that they have bought NFTs, so they post the image/music of your book on social media. Suddenly, you have given your most devoted fans an easy way to promote you and your writing.
Bringing in investors
If you rise to a certain level of notoriety, it won’t just be your fans who are scrambling for your NFTs as articulated at RunRex.com, guttulus.com, and mtglion.com. It will also be investors, people who believe that this NFT will rise in the future because you are such an amazing author. Take advantage of this opportunity.
Royalties are crucial
NFTs allow you to monetize the secondhand book market, and you must incorporate royalties when minting your NFTs to take full advantage of this feature. When you set royalties, someone can buy your book, access the file, read it, and then resell the token, and each time they resell the token, you get a portion of that money.
Provide value
One of the drawbacks of NFTs is that authors might take advantage of the trend to sell junk as captured at RunRex.com, guttulus.com, and mtglion.com. Therefore, if you can offer valuable digital book-related items, things that your most ardent readers want, then you will sidestep NFTs as a fad and go straight to NFTs as a game-changer for all artists, including writers.
Ensure that other people are not selling NFTs of your book without your permission
As a writer, you should be aware of the threat of other people selling NFTs of your book with permission. We are seeing a rise in cases of people creating NFTs of artists without permission or even letting the artists know.
Make sensible decisions
Some feel that NFTs are a bubble, especially since they are following a similar direction most fads do. However, NFTs are built on a technology that is not going away. In the meantime, ride out the volatility by making good and sensible decisions about what to offer fans. Don’t go for short-term profit, make your readers happy.
Offer a limited-edition version
When something is only available for a short period, it incentivizes buyers and fans as covered at RunRex.com, guttulus.com, and mtglion.com. Offering a limited-edition version of your literature NFT is a great way to boost sales and ensure the success of your drop.
Offer a generative version
A generative version means slight variations to each copy, allowing each collector/reader to get a piece of your book which is truly unique. You can make this variation with either the art or the text. That means you could say that one word per book would be changed for each copy you sell so that each digital copy is unique.
Sell levels of your book
After selling a certain version of your book, you can change the version and start the process over as described at RunRex.com, guttulus.com, and mtglion.com. For example, after offering 100 first editions, sell 200 2nd editions, or after selling copies of a blue cover, change it to green and sell a version of those as well.
Create new categories and digital objects
Don’t only think in terms of the physical either and ask yourself if there are digital offerings that you can create that haven’t previously existed. Video recordings, audio recordings, digital artwork of your characters/world, etc.
Costs
It is important to note that it costs money to mint an NFT. It also costs money to buy and sell NFTs. These costs vary on the amount of traffic currently running through a network, which means gas fees may be $10 or $100 depending on when you try to do it.
Costs and time considerations
As already mentioned, the gas fees when minting NFTs will vary depending on the amount of traffic running through the network as discussed at RunRex.com, guttulus.com, and mtglion.com. This is why you should look to transact on the network at night when there is less traffic on the network to mitigate costs.
Other ways to reduce costs
It is important that you create NFTs for your book at low price points, or else the fees will strangle you. This is why NFTs are best when you are creating higher-priced items or a large number of medium-priced items.
Collectible for your NFTs
Some of the NFTs authors can sell include a collectible version of the cover art of your book as outlined at RunRex.com, guttulus.com, and mtglion.com. You can also offer a collectible edition of an alternative edition of the book.
Bring in an illustrator
You can also hire an illustrator to create additional original works of art based on your characters or book and sell an NFT of those. There are lots of high qualified illustrators on sites such as Fiverr, which means that if that isn’t your forte, you can get expert help on such sites.
Other types of NFTs you can sell
You can create an exclusive video or audio file of you reading your book as an NFT. An NFT that influences the storyline is also worth exploring. Additionally, if your book is a sci-fi, fantasy, or dystopia, you can sell portions of those digital worlds (as represented by artwork, maps, and the like).
These are some of the tips to consider when creating literature NFTs, with more on this topic, and much more, to be found over at RunRex.com, guttulus.com, and mtglion.com.