De-Fi is not as good as Re-Fi! Reimagining bookstore operations

Let's first assume that every book has an electronic version.

1. You can buy books offline/online, but the default product you get is a book NFT. This NFT will give you access to the electronic book;

2. You can choose to destroy the NFT and fill in the shipping information on the web page, or go to the store to request a physical book. If you choose this step, you will get the physical book and lose the right to read the e-book;

3. If you think e-books are enough (this is what we encourage), and you have no intention of obtaining the physical object (it may also be because the other party is overseas and has no intention of paying high shipping costs, etc.), you can choose to read the electronic version and keep the NFT , the physical book will be stored in the bookstore in the form of escrow, and the selling price is determined by the NFT holder of the book;

4. If you choose to leave the physical book in the bookstore for consignment, you will need to pay the bookstore a number of LikeCoins per month as storage fees. For late payment, the bookstore has the right to no longer hold the NFT, directly destroy your NFT (if technically feasible), or cancel the NFT's qualification to exchange for physical books (you still hold the NFT, but you will not be able to exchange it for physical books).

5. In another case, you choose to hold the book NFT and pay the storage fee on time, and then one day, a new reader purchases your book NFT online. At this time, your book NFT will change hands, and your e-book reading rights will also be transferred to the new owner. The new owner of the book will decide whether to destroy it and exchange it for a physical object, or pay the storage fee with LikeCoin like the previous owner. Physical books are stored in the bookstore.

6. Another selling scenario occurs offline: a passerby walks into the store, takes a fancy to your book, and buys it on the spot. While the store clerk helps him handle the procedures, he actually helps him purchase the NFT of the book. The new buyer will also face two choices, either to store the book or to take it away directly. If he is just an ordinary Web2 Muggle, he can choose to take it away directly. In the process of Muggle paying cash to buy the book, in fact, It is the store clerk who handles the action of destroying the NFT and exchanging it for a physical book.

 The smart contract will stipulate that for every NFT resale, 5% of the proceeds will be allocated to the bookstore and 5% to the original author of the book. If the original author is dead/cannot be found/does not have a web3 wallet, it will be handled separately.

The interesting part of this idea is that while making the physical bookstore web3, it retains the traditional experience of a traditional bookstore to the greatest extent, so that Muggles can feel at ease. This operating model also has these benefits:

1. It solves the coexistence contradiction between e-books and physical books: I buy physical books and read e-books. I no longer have to worry about occupying space when reading books. However, if I read the e-book one day and think it is very good and want to collect it, I You can destroy the NFT at any time and exchange it for a physical book to take home. Forget about reading the rest. You can also choose to consign it when the time comes. If you don’t want to spend money on consignment, wait until the storage period is over and keep an NFT that cannot be exchanged as a souvenir. alright.

2. It solves the ethical problem of reselling second-hand books, and the original author can earn lasting passive income from every reader.

3. Increased the profit model of independent bookstores and second-hand bookstores: store owners can not only earn floating passive income from the resale of NFTs, but also earn stable storage fees through customers' consignments.

4. Greatly increase the application scenarios of LikeCoin. For bookstores, storage fees are undoubtedly a "pledge" in reality, and readers depositing books provides "liquidity" for bookstores.

5. These book NFTs can become a way for bookstores to gather reader communities through continuous empowerment, which will help bookstores organize other community activities.

6. These book NFTs can open up connections between independent bookstores in the future, turn them into a form of alliance cooperation, and expand storage and consignment places.