These are relatively new in the blockchain universe, so we’ll forgive you if you have no idea what they are and how authors can benefit from NFTs. These tokens not only allow you to sell items to people for cryptocurrencies but there are some other advantages you may not be aware of.
Here’s why you should be jumping on this hype now while it’s still new.
What are NFTs?
NFTs are non-fungible tokens. If you don’t understand this term, it means something unique that you no-one can replace. Basically, you’re giving people ownership of any digital items that no one can dispute. You’re minting an item on the blockchain, which then transfers to their wallets as part of the ownership. No one else can claim that ownership.
If you’re still wondering how authors can benefit from NFTs, we’re getting to that.
What can you mint as an NFT?
You can mint anything digital as an NFT. Examples include posters, images, drawings, excerpts from books, or a piece of music. As long as buyers can take digital ownership of it, you can mint it. However, they don’t own the copyright for the material; that remains with you. It’s like when you buy an Aston Martin: you don’t own the brand, just that specific car.
While you have a slightly better idea of what’s going on, you must still be wondering how authors can benefit from NFTs. We’ve only come across these concepts recently, so bear with us as we expand our thoughts on the matter.
NFTs pose a potential marketing strategy
We’ve just started with the NFT marketplace, selling posters related to Shaun M Jooste’s Silent Hill novels. Since we’re new to the industry, we don’t expect bids at the start to just appear. We’ll need to regularly set up new NFTs for others to bid on until we start making a name for our brand.
How authors can benefit from NFTs in this way is from exposure. For instance, people looking at the items may see the Silent Hill books for the first time. While they may not bid on any items, they may actually search for the book on Amazon and buy it. As you can see, it increases the marketing potential.
Extra income potential
Should you succeed in selling NFTs and drawing more interest, you’ll have a secondary income on your games, books, music, whatever. You can even make money for an item you haven’t even completed yet, such as our posters for the 2nd Silent Hill book that’s not been released yet. It will help finance your project, which may even be better than crowdfunding platforms like Kickstarter.
Meeting influencers of your material
Another way how authors can benefit from NFTs is by meeting influencers on the blockchain marketplace. If you set up the NFT correctly, they can also sell your posters from their platforms, and then you’ll earn royalties on their sales. It’s the gift that just keeps giving.
So, how do NFTs work?
Now that you know how authors can benefit from NFTs, let’s take a quick look at how NFTs work. This doesn’t serve as a detailed guide but will give you some idea of the work involved. While there are plenty of platforms out there willing to sell your items on their marketplaces, we chose Rarible as our weapon of choice, mostly because they let you mint for free with no funds in your wallet.
1. Setting up your crypto wallet
Firstly, you’ll need to set up a crypto wallet account that’s compatible with Rarible. We chose to go with MetaMask, as the Chrome extension works well with Rarible. It’s also one of the top recommended crypto wallets out there. It’s easy to download, install, and register for an account. Just follow the instructions on the web.
2. Setting up a Rarible account
Next, you’ll need to set up an account on Rarible. The reason we recommend doing this second is that you’ll need to connect your MetaMask account as part of the registration and setup. Also, whenever you log into your Rarible account, the MetaMask extension will ask for your password.
3. Setting up your profile
Now you can work on your profile. Make sure you place your brand image as the logo and banner, and you’ll also need to insert a description of yourself or your organization. There are sections to link to your social accounts so that others can see you’re legit.
4. Minting your first NFT
Can you already see how authors can benefit from NFTs? The next step is minting your item as a token on the blockchain. You click on Create, and the NFT window will open. If you don’t have funds, make sure you toggle the section that says the buyer will pay the gas fee.
It’s up to you how much you want to sell it for. When you place the wEth amount down, it will tell you what the USD value is at the time. Many people have low amounts like 0.01 wEth, while others go as high as 10 wEth. How much you’ll earn depends on what the USD value of Etherium is at that time.
You have three options. You can place a fixed amount, place it on auction for a few days, or leave it open for bids. We’ve made NFT variations of all three options to see which one works the best.
When you’re done, you can click on Create. MetaMask will open on your browser, and you’ll need to sign for the minting. Once done, you have an NFT item.
5. Wait for bids
Now you wait. You can leave the site and check it every day. Rarible will also email you if someone has placed a bid. Don’t be worried if you don’t see any activity, just keep making NFTs until someone bites.
6. Withdrawing your earnings
When you manage to sell an NFT, you’ll now have funds in your MetaMask account in the form of Etherium. You can keep it there to make more NFTs, or you can withdraw. We suggest sending it to a crypto wallet that’s linked to your bank account. For instance, we have a Luno wallet that lets us withdraw to our South African bank account. You’ll need to pay a small transaction free for sending from MetaMask to your account, and then sell the Etherium for your currency in your personal crypto-wallet before withdrawing to your bank account.
Celenic Earth Publications can also sell NFTs for you
Now that you see how authors can benefit from NFTs, you may be thinking that’s a lot of work, especially if you’ve never done this before. However, we do have an offer to make. We’re willing to use our accounts to sell NFTs for you at a small percentage of the sales. You won’t need to pay anything upfront, as we only take the earnings when the sale is made. We’ll be upfront and transparent with every part of the sale, sending you screenshots as evidence of transactions. Please feel free to contact us if you’re interested.
Are you ready to enter the blockchain hemisphere?
It’s easy to see how authors can benefit from NFTs, and we recommend you take steps sooner rather than later. We suspect the processes will become stricter and more complicated in the future, so the time to act is now!