Author Topic: Non-Fungible Tokens  (Read 584 times)

Offline FlyingViking

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Non-Fungible Tokens
« on: May 04, 2021, 02:15:34 AM »
Greetings, comrades in ink.  Last week I received an email at work regarding non-fungible tokens, or NFTs.  Having heard about it repeatedly over the past few months but knowing almost nothing about it, I spent a long, wine-fueled evening doing my research.  As it turns out, an NFT is a digital crypto asset that is unique and non-exchangeable.  A digital collectible.  Any unique, creative work that can be reduced to digital format can be minted as an NFT, including artwork, music, or ... wait for it ...  a piece of writing.  And the "smart contract" that governs the token gives the creator almost unlimited flexibility in how you chose to (or not to) monetize it.

So I yet again turned to the collection of tubes called the Internets, and read the few pieces I could find on whether NFTs could be a plausible alternative to traditional publishing or, more likely, self-published e-books.  Given the uniqueness aspect of the NFT, it doesn't lend itself to a mass distribution model.  However, given the flexibility with which you can customize the token and its properties, there are numerous ways in which to monetize a single asset such that you don't need 50,000 copies circulating to earn a decent return.  For example, imagine that a piece of work you put out is getting increasingly popular, and each time the tokens are re-sold the price for this limited edition collectible increases.  And imagine further that you had the foresight to put into the "smart contract" governing the token that each time it's resold, the original creator gets a percentage of the proceeds from that sale...

Have any of you looked into NFTs as alternatives for getting your works sold?  What are your thoughts on this brand new publishing model?
When once you have tasted flight, you will forever walk the earth with your eyes turned skyward, for there you have been, and there you will always long to return.

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Offline raktinope

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Re: Non-Fungible Tokens
« Reply #1 on: May 04, 2021, 11:26:36 AM »
NFTs are terrible for the environment. I encourage everyone who cares about the planet to steer clear of NFTs

Offline jcwrites

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Re: Non-Fungible Tokens
« Reply #2 on: May 04, 2021, 11:54:12 AM »
There's something about the word 'fungible' that strikes me as... I dunno, ewwww.

Offline FlyingViking

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Re: Non-Fungible Tokens
« Reply #3 on: May 04, 2021, 01:11:20 PM »
NFTs are terrible for the environment. I encourage everyone who cares about the planet to steer clear of NFTs

We should arguably stay away from traditional publishing for the same reason.  The carbon footprint of  the industry is quite large, not only of the paper-making process but of the whole supply and distribution chain. And then there's the issue of the use of bleach, volatile solvents in the ink etc...
« Last Edit: May 04, 2021, 01:23:41 PM by FlyingViking »
When once you have tasted flight, you will forever walk the earth with your eyes turned skyward, for there you have been, and there you will always long to return.

  - Leonardo da Vinci

Offline raktinope

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Re: Non-Fungible Tokens
« Reply #4 on: May 04, 2021, 02:11:29 PM »

We should arguably stay away from traditional publishing for the same reason.  The carbon footprint of  the industry is quite large, not only of the paper-making process but of the whole supply and distribution chain. And then there's the issue of the use of bleach, volatile solvents in the ink etc...

Digital printing does not have the carbon footprint of archaic, manual printing technologies. Traditional publishing has dramatically decreased its environmental impact by recycling paper/cardboard and modern printing techniques.

NFTs, on the other hand, surpass the environmental footprint of some small countries...

Offline Odd John

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Re: Non-Fungible Tokens
« Reply #5 on: May 04, 2021, 09:01:39 PM »
In addition to the spectacularly energy-hungry nature of NFTs, they seem to be fit more to either the "artistic" or publicity efforts of already established stars, that or one-off lotto-like hits. Does anybody remember "I can has cheezburger?". Like that. The celebrities have staff to wade through all the technicalities of getting a crypto-wallet, funding accounts and multiple authentication and actually creating the digital (NFT) asset. Don't let anyone tell you that creating one of these little monsters is an easy process. And it's not clear to me that an entire novel or even a short story can be recorded AS an NFT. (A salable, viewable "property"/asset.)

I'm very skeptical of the whole thing. BUT, here's a pretty good introduction:

https://www.coindesk.com/what-are-nfts


"For artists, being able to sell artwork in digital form directly to a global audience of buyers without using an auction house or gallery allows them to keep a significantly greater portion of the profits they make from sales. Royalties can also be programmed into digital artwork so that the creator receives a percentage of sale profits each time their artwork is sold to a new owner."

"William Shatner, best known as Captain Kirk from “Star Trek,” ventured into digital collectibles in 2020 and issued 90,000 digital cards on the WAX blockchain showcasing various images of himself. Each card was initially sold for approximately $1 and now provides Shatner with passive royalty income every time one is resold."

My inferiority complex masks my superiority complex. It's very convenient.

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