Web3 startup Book Token launches eBooks on Chain, sells $100K worth of eBooks
Dallas-based startup, Book Token (Booktoken.io), has brought books to the blockchain with the launch of its first eBook, the Gutenberg Bible - in recognition of the printing press technology created by Johannes Gutenberg- selling over $100,000 dollars worth of the book in the first 24 hours, with zero dollars spent on marketing the sale.
The company created 10K NFT eBooks, all with unique computer generated cover art based on an original, a video inside the book, over 70 high-resolution images, and over 650K words. These "unburnable" books, will live forever on the blockchain, do not degrade over time, and can be transferred around the world in mere seconds. Books can be read in Book Token's anonymous browser-based reading dApp(decentralized application.) With over 1.1 Billion people estimated to read digitally in 2023, this is an incredible step forward for blockchain utility.
Joshua Stone, CEO, Book Token: "This is revolutionary for digital book ownership. Until now, digital books have been handled by licensing models by centralized retailers. Today, people truly own their eBooks for the first time. Today is also the birth of the secondary eBook market. The promise of web3 is ownership and decentralization and today we believe we took a massive step in the right direction to fulfill that promise."
Within four hours of launch, Book Token was also collecting royalties from second-hand book sales from book owners selling their books on 3rd party NFT marketplaces around the world. Unlike other NFTs on blockchains which are publicly viewable, these eBooks are Decentralized Encrypted Assets (DEAs), meaning that only the owner of the NFT can open and see the contents of the book. These NFTs represent a whole new asset class, able to securely move all types of media - video, audio, text - on the blockchain.
Book Token, whose C-Level team previously built and sold an eBook startup that had over 6 million users, has an audacious mission: To decentralize and incentivize knowledge. The company has plans to work with major publishers and independent authors and will continue to build out its platform to accomplish its goals. They also plan to rollout mobile reading apps, a full marketplace to buy and resell books, and look to release audiobooks by year's end.