Writing NFT: For less than 1 yuan, you can publish digital creations with book specifications

In the next two weeks, I will publish the articles on the block potential as NFT through LikeCoin's decentralized publishing mechanism, register the "ID number", and upload the content to the decentralized hard disk for storage. Readers who like the article are welcome to purchase the collection with LIKE coins.

👉 Favorite article Writing NFT 👈

This article discusses how LikeCoin's newly launched decentralized publishing mechanism works, and what are these technical terms above talking about?

Decentralized Publishing

Many people may be hearing about Decentralized Publishing (DePub) for the first time, but they are no strangers to Decentralized Finance (DeFi).

Bitcoin was introduced in 2008. But in the first few years, people only knew how to buy pizza with bitcoin or buy low and sell high to make the difference. It took 10 years before people started to build decentralized financial applications based on cryptocurrencies and developed new services such as Uniswap, Aave or PoolTogether .

In other words, the development trajectory of the currency circle is that there are assets before applications. NFTs are no exception.

CryptoPunks, hailed as the ancestor of NFTs, first came out in late 2016. So far, most people still only know how to replace NFTs with community avatars, or buy low and sell high to earn the price difference. The situation is as primitive as Bitcoin was back in the day. I am afraid that it will take a few more years before people are familiar enough with NFTs before they have the opportunity to develop industrial applications.

But there are also teams with fast brains who have already made arrangements. Among them, one of the areas I am most optimistic about is NFT-based decentralized publishing.

infrastructure

Before the advent of the Internet, only a few people had the opportunity to get an invitation from a publisher to write a book. But many people now run their own blogs, IG fans, or YouTube channels. Everyone can be a creator, and the influence is not necessarily lost to the paper book.

Although the content of creation has been highly digitized, the infrastructure of publishing has not been upgraded with the development of science and technology, which has created many new problems that have never been seen before. For example, previous creations were all printed on paper. As a tool, paper will not actively judge whether the content is good or bad or whether it is infringing or not. In case the content is inappropriate, people will report it to the publishing house and will not blame the paper. Even if the final publication is taken off the shelves, it is difficult to destroy the paper copies in circulation.

Digital creations are now mostly built on specific platforms, such as Medium, Facebook or YouTube. Platforms are run by businesses and are expected to be content gatekeepers. To use the model of the traditional publishing industry as an analogy, it's like paper is tied to the sales channel. Once the platform receives a report, not only will it be removed from the channel, but often even the content on the "paper" will be destroyed.

This has made malicious reporting incidents commonplace, and it has become commonplace for well-known creators to have their posts deleted from the platform and their channels taken off the shelves. Not only the creators are disgusted, but the enterprises sandwiched between the users and the government are not human on both sides.

In addition, the creative content has shifted from paper to digital. Although the business model is different from the past, a lot of printing and logistics costs have been saved, and the communication power has also improved, but the income of the creators is still not much.

Faced with these problems, some people have a headache and a foot pain. The development team of LikeCoin believes that another set of digital-native publishing models can be established, and the creative content can be "printed" on digital paper - NFT - and a new decentralized publishing mechanism can be established based on NFT.

Writing NFTs

LikeCoin’s description of Writing NFTs is succinct:

Writing NFT is the NFT version of a piece of text, which can be an article or any length of text, or it can contain pictures. Personal collections are one of the important components of a decentralized identity. Creators can turn any web page into an NFT with just a few clicks, profit from selling their work, and enjoy the benefits of decentralized storage.

Writing NFTs are like digital publications. Different from physical paper, it can only print static content such as text and images. In theory, Writing NFT can also print dynamic podcasts or videos. However, it is not currently supported.

The way of issuing is also very simple. The creator only needs to paste the website to be published as Writing NFT, paste it on the website ( register the whitelist ) and pay the LIKE currency equivalent to less than 1 NTD as the handling fee, and then the article in the website can be turned into a collection that people can pay for. NFTs.

I take the Writing NFT issued by Gao Reconstruction as an example. He published one of the articles on his personal website entitled "The Development Path of Decentralized Publishing of DePub, NFT from Immigrants to Indigenous People " into NFT.

After the issuance is completed, the publishing mechanism of LikeCoin will not only automatically save the articles to the two decentralized hard drives of IPFS and Arweave, but also register the ISCN number on the LikeCoin chain according to the metadata (metadata) such as the publishing time, title and content. At the same time, create the NFT store as shown below for readers to purchase and collect.

Corresponding to the paper publishing industry, this is like LikeCoin automatically printing articles from computer to paper (IPFS, Arweave), registering ISBN numbers with the National Library (LikeCoin), and at the same time putting books on the shelves in bookstores (Liker Land) for consumers to buy.

It only takes a few seconds to complete these steps, and the total cost is less than TWD 1 LIKE coins. Unlike the traditional publishing industry, it may have taken half a year from the completion of the manuscript to the shelf, and the final creator can only get less than 15% of the book price.

The block potential has introduced IPFS and Arweave respectively, and this article will not repeat them. ISCN is an original standard specification created by LikeCoin, and its operation mechanism is similar to the International Standard Book Number (ISBN). It's just that the registration unit of ISCN is not the National Library, but the LikeCoin blockchain.

There is far more creative content on the web than on paper. ISCN is like the ID number of Internet articles, so that people can find articles according to the ISCN number, and don't have to worry about if another Gao Reconstruction writes another article with the same title on the Internet in the future, and it is difficult to distinguish who is who .

Standard specifications are made to scale. If there is an "NFT Library" to collect Writing NFTs in the future, it needs to rely on ISCN cataloging, and "NFT Bookstore" also needs to be based on ISCN numbers so as not to mistake the works of the same name by two Mr. Gao Jianjian.

In addition to ISCN, Liker Land is like the first "bookstore" in the world that sells Writing NFTs.

Liker Land Bookstore

Liker Land is a bookstore that not only sells unseen merchandise, but also has a unique pricing mechanism. Unlike in the past, creators can decide the price of NFT by themselves, Liker Land adopts a dynamic pricing mechanism. According to LikeCoin :

We understand that what the author wants most is to focus on creation...other marketing-related processes can be waived if possible. Writing NFT handles two headaches for authors: 1) Pricing; 2) Quantity.

The pricing of Writing NFT will change with the market supply and demand, and it will rise according to a curve. The greater the demand, the price will automatically increase... When the price reaches an unacceptable height in the market, no one will be willing to bid to create a new NFT. , the total circulating quantity thus stops increasing.

In the past, publishers often advised first-time authors to print 2,000 copies, and if the market responded well, they would reprint as needed, and if no one bought it, stop there. But Writing NFT is not on paper, so don't worry about inventory issues. You can print as much as you want according to market demand, and there is no upper limit on the number of prints.

How to price an unlimited supply of books? According to the law of supply and demand, the price should be zero.

But not only does the creator have to drink the northwest wind, the Liker Land bookstore has no income. So, they've got a little bit of a hand in the pricing machine. Those who buy Writing NFTs first can collect them in the cheapest way, and as the number of printings of Writing NFTs increases in the future, the price will also increase. The final price and quantity will be balanced, which can be said to be the fair pricing of the work by the market at that time.

This mechanic is very interesting. It not only saves the creators the trouble of pricing and the number of releases, but also reflects the market's valuation of the work to a certain extent. However, this is just the pricing strategy of one of the "bookstores". If there are other bookstores willing to list Writing NFT in the future, or if someone establishes the Shopee of Writing NFT to create a secondary market, the market will become more complicated.

Looking back, most people's cognition of NFTs still stays in images, especially avatars. But as people become more and more familiar with NFTs, everyone will find that NFTs can also be like paper, which is another digital carrier. Now LikeCoin is investing in decentralized publishing, just like advocating decentralized finance when people were still buying pizza with Bitcoin, there are many difficulties. Most people can't even imagine it.

Seeing the barrenness in front of them, some people think about pioneering the land, and some people want to come back later. The former can enjoy early dividends, while the latter earns the convenience of life. If you think this article is good, maybe you can start by collecting Writing NFT.

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