Have you thought of offering NFTs of your work?
This question keeps coming up for some reason. To understand what NFT is, you have to first learn about etherium and blockchains.
Etherium is a cryptocurrency, like bitcoin. You know how you go to an arcade and you buy tokens? Same principle, but digital. To really simplify it, cryptocurrency “coins” are heavily encrypted bits of code.
These coins are bought and traded for goods and services, and all of these transactions are kept in a digital ledger called blockchain. This ledger is spread out across a vast network of computers and is heavily encrypted. The blockchain is tamper-proof. It’s very difficult to alter it. The blockchain guarantees that cryptocurrency is genuine. In the old days people would bite gold coins to see if they had enough gold to be soft. With cryptocurrency, blockchain record is the proof of authenticity.
I’m not going to go into bitcoin mining and nodes, etc, for the purposes of this post. We are mostly interested in the blockchain itself.
NFT stands for a nonfungible token and it works just like etherium cryptocurrency. It is also supported by this blockchain process. But unlike the etherium coins, NFTs store a bit of extra information. NFTs can be attached to any digital media, including ebooks, but it is most often attached to art.
Here is a portrait of Tuna. I can make an NFT of it, a token that attaches specifically to this image. Then I can sell that NFT. Because NFT is supported by the blockchain, a random hacker can’t just copy it. It’s a unique bit of code.
But what am I really selling here? It’s not the ownership of the image. I, as a copyright holder, retain that. It’s not exclusive rights to the use of this image. Any of you can right-click on this image and save it. So what is it?
I am selling the receipt.
That’s what NFT is. It is a record that you paid some money for this image. Nobody else can pay money for it now, unless they buy that right from you by purchasing your NFT.
Again, you are not buying rights to the image. You are buying the receipt.
What value does this receipt have?
Zip.
But people are selling them for crazy money. Well, sure. People with too much money are free to set it on fire. But what is the guarantee of NFT value? What do you get for your money? You don’t get intellectual property, you don’t get rights, you don’t get anything tangible or valuable except for the proof of your own willingness to spend money in unwise ways. This emperor has no clothes.
But what about some poor artists for whom it is a way to supplement their income?
::spreads arms:: Hey, if someone wants to buy an NFT from you, why not? I have seen a record of someone buying an ARC of Magic Triumphs for $7,000 on Ebay. Spoiler, it’s not that special and the finished copy is better.
We are not in the business of selling receipts. We are in the business of writing and selling books, and if you want to get deeper, we are in the business of selling an escape. We offer you a chance to leave your life, if only briefly, and have that much needed break, to experience adventure, danger, tragedy, and joy, and then we return you back to your couch safe and sound and hopefully a little less stressed.
We have no plans of offering NFTs of our books. If you want to support us, buy our work. We deeply appreciate it.
First!
Also very good advice. Which is why it took me a long while to buy into buying ebooks- I preferred the hardcopy as proof I owned your books.
And these days it is so easy to be convinced on the internet to buy a bridge if you are not careful too.
Does that bridge come with a troll?
All bridges come with Trolls. It’s a symbiotic or parasitic relationship, depending. It’s just what Trolls do. Some lovingly maintain the bridge, some make a living off charging tolls, others just want to burn it to the ground.
You should market your ‘first’ comment as a NFT.
+1
Thank you for the NFT explanation. I am working with people who do blockchain technology and this is the first time I actually sort of understood what they had been trying to explain for a while now. (grin)
Writers are usually pretty awesome at making something easy to understand. Most programmers live in their own world with their own language. Don’t be down on yourself, they make stuff hard to understand intentionally to make themselves feel smart. You are smart, don’t let the pretentious convince you otherwise.
As a programmer/developer for 20 years, you’re half right. Technical expert and technical writing are two very different skills. I’ve worked with many developers who are great at writing code, but terrible at explaining what it does to non-tech people.
I’m fortunate because I grew up translating between my parents, which is how I learned to tech write. My Attorney mother made sure I could write and my electrical engineer/ programmer father didn’t accidentally electrocute me growing up. Actually that’s probably on Mom too, because Dad’s not the best judge about those things.
Dad: I need you to check if the cables on my new hard drive are loose. It’s not booting.
12 year-old Me: Dad, can you turn the power off first?
Dad: Just don’t touch the power supply and it will be fine.
Me: …
Dad: Fine, I’ll turn it off.
For some, yes. For others, I’ve seen it multiple times. I was very broad with my statement and I apologize for offense. Let me further clarify. Intelligence insecurity is the most prevalent insecurity. Unlike body image, there arent any overall blanket methods of evaluating intellect. People can be incredibly well versed in one area and in others be woefully ignorant. Sometimes by choice! Just look at the current American political situation. We are breeding willful ignorant groups left and right. “Make themselves feel smart” isn’t an insult in so much it is a concept of people attempting to combat their own insecurity.
Even geniuses feel dumb.
The lead character in big bang theory, while funny, isn’t a realistic concept in that he never doubted his intellect. I’ve met some of the most brilliant people I think the world has to offer and they knew it in some cases. However, catch them in the wrong area and they fumble intellectually just like everyone else.
Tuna is very handsome – that white streak looks like a dueling scar
Thank you. Your explanation was succinct and appreciated. I enjoy your books immensely. They do all that you set out to do and a bit more. I keep finding bit of information that seem to turn out helpful. For example: We were in Texas for the first time. We’d been driving a motor home all day and were so tired, We had to get groceries, but could not see anything we recognized as a grocery store. Suddenly, there was a large sign HEB. “Wait! Wait! The Innkeeper story had a grocery store called HEB. Turn in there.” We were saved. Oddly it was the very first day the store was open. So a belated thank you for our rescue.
Ha! My mission is done!
My cousin lost alot of money on cryptocurrency (I told him not to do it!) but my youngest brother has a small amount that is holding well amongst his stock portfolio.
Whenever my brother talks to me about his “hobby” I – 1) freakout because it’s risky and 2) freakout because how does my teensy little baby brother (15 years younger) dabble in stocks?!
But at least he put in a set amount to start and has only used the profits from that – unlike my cousin who just invested money to someone who asked him and then threw some more cash at it when it was failing.
I’d rather just give someone my money and be given a book in exchange. Nice clear transaction.
Interestingly enough, cryptocurrency is now just as solvent as an investment as a stock in the stock market. The reason is, you are buying a “piece” of an established, functional business. With cryptocurrency, you are buying a “piece” of an established, functional currency. The dollar is an ephemeral currency which has no items that defines its value. That value is defined by the “market.” Right now, millions of people use cryptocurrency and consider it a valid currency. In that way, it is just as trustworthy as a German Mark.
But the German Mark was discontinued in 2001 when Germany got the Euro…
Yup, I’d much rather spend my money on your actual books and some actual yarn. Thanks for the primer.
I always appreciate how you take a complex topic and break it down into understandable parts, using everyday language. Thank you.
Looking forward to purchasing FATED BLADES when it is available. Thank you for the update in a previous post about why it’s taking longer than expected.
+1 I appreciate your explanation! I never understood why someone would want an NFT, they seemed pointless to me. After your explanation, I now realize that I was right in my thinking. ????
While I don’t think it’s true of everything, I had heard that some of those big sales of NFTs might be for money laundering purposes. ????♀️
Just here for the Tuna portrait. Just a beautiful cat.
Thanks for the easy to understand explanation of NFT’s. I am hesitant about a lot of this digital stuff that you buy but can’t touch like cryptocurrency. Did enjoy the picture of Tuna. ????
Best explanation of NFTs I’ve seen to date.
Such. Utter. BS.
Thank you for the explanation. When I read about the blockchain definition, I got a picture of an accountant using a ledger that the accountant wrote in to keep track of all the transactions. Then when Microsoft Excel was created, the worksheets and files became the “ledger”.
I would rather buy an e-book or actual hold-in-hands book than a “receipt”. At least I own the copy. It’s like having an iPod (or iPhone) vs. streaming music. I own an iPod because I like owning the music I listen to by buying it off of iTunes. I talked to a cashier about music one time. He told me he streams his music, but he doesn’t own the copy of the music. I told him I buy my music off of iTunes. He looked at me and said buying it was probably a better way than streaming. It was a fascinating discussion.
I hated to be a pedant, but DRM eBooks and iTunes we’re buying the right to read or listen, not actual ownership of the electronic item.
It’s one reason I won’t spend $AU30 on a DRM eBook.
I wish you own the copy of a digital book, but you don’t. My ex husband recently died, leaving my kids without their dad. Got me to thinking about a lot of things, obviously, but one of them was what would happen to my audible library if I died. I have 600 titles (exactly 600, I just checked.) I looked into how I can bequeath them to my daughter and it turns out you can’t.
From the practical side can’t she just keep your account? But yeah that is an annoying aspect. (For a while I did keep local copies of ebooks I bought (no drm stays effective for very long ) but that was too much of a hassle for something with no real benefit to me.)
All money is imaginary. Blockchain is just more imaginary than most.
Oh, and with the white stripe/duelling scar? Tuna needs boots, á la Puss in Boots from Shrek.
“We offer you a chance to leave your life, if only briefly, and have that much needed break, to experience adventure, danger, tragedy, and joy, and then we return you back to your couch safe and sound and hopefully a little less stressed.”
This. Thank you for offering a refuge. I have reread many of your books several times already and the enjoyment never diminishes.
Also, I have a question:
As far as I understand you are/ were writing Ruby Fever. But at the same time we got a snippet about Elara, an Innkeeper teaser and you finished Fated Blades.
Do you switch projects all the time, do you just jot down ideas and return to the main project or do you work on other projects while waiting for manuscript feedback for your main project? Do you multitask? How?
Ditto on the refuge; I have note enough words to express my gratitude for your art.
Yeah, I do NOT get the appeal of buying NFTs. I can understand showing off with the fanciest yacht or buying some art to display or beautiful baubles to wear or being big spender and paying for everyone’s meals or drinks; there’s intangible emotional pleasure given and received, looking at or handling beautiful objects or listening to music is soothing to the soul. Geeking out and COS-playing gives joy to the participants.
Tossing money at something that wasted electrical resources to create, that you can’t eat, that can’t be used or add some benefit (beauty, joy, survival) to anyone’s life? Seems so futile, such an empty pursuit.
Not that I’m against artists earning a living; just, as a buyer, why not buy an actual piece of creative art or commission something y;ou can afford?
Except you need to look at how much of our current art is digital. How many wallpapers do you use on your computer? Screensavers? I’ve not bought into it, but I am curious to see where this goes.
New technology, sometimes just does’t make sense to me either.
My friend has boys and they asked her for money for a ” skin” She didn’t know what that was, but it was money for the video game her son was playing. Particulary for a new hat for the imaginary character for her son. She said, no way was she giving him money for something that wasn’t real and she couldn’t touch.
Pretty much how I feel about bitcoins.
And confirming for me, that I’m on the other side of the hill, cause I just don’t understand what is said, more and more. And I’m getting grumpy about music too.
I bought a Mercy skin in Overwatch to support the Breast Cancer Research Foundation. Mercy is a character you can play in the game, and the skin is a special outfit created just for this fundraiser. Easy to Google. It raised 12.7 million dollars and it was a really short time too, I think a few weeks was the window of being able to purchase it. If they re-opened that or did a new skin, the money would RAIN down for this charity. It was just 20 bucks and it looks beautiful. I don’t play Mercy myself, but I wanted the skin. I just hope they do Widowmaker with a charity skin. I can’t count how much I’ve spent on virtual clothes for my avatars. So much. Much much more than on real clothes for me. lol
+1
Well, I disagree with you there. I spend money on games all the time. I am doing this to support the game and because having my character wield the Axe of Gory Dismemberment for $5 makes me feel pretty. 🙂 Games are my main source of entertainment. They are much worse things teenagers spend money on. 😉
Games and software licenses or subscriptions are often non-tangible goods these days. Perhaps the lesson for youth is similar to the post’s walkthrough of figuring out what you’re buying, how long you’d have ownership or rental rights, and if you’d value it instead a blanket ban on non-tangible goods.
I’m guessing they have Netflix or Disney Plus streaming. A lot of mainstream content isn’t physical these days. Doesn’t mean everything should be physical or all online content should be free.
My daughter helps out with bigger chores/projects around the house in exchange for Robux … for her Roblox game. I feel like we all win here. Her avatar gets an axe or something and I get an organized pantry. She was trying to save for a peg leg but that was too expensive… she also got to meet a friend she met in the game in person. Yup it was one of those “priceless” moments.. two 12 year olds running to each other and shaking with joy! So I don’t mind spending money in games either.
I used to be a software developer for a game called “sorority life”. You get an avatar and then buy her dresses with real money. I never played any computer games but loved working there because we would release new code and then see exactly how much money we brought to the company.
Once the team implemented a super successful storyline “a trip to Paris” that brought a LOT of money. As a thank you bonus we got … a fridge magnet of the avatar with a collection of dresses. I still chuckle remembering the bewilderment of all male team (except for me) with this bonus:)
I’m currently playing a game called “old friends “ based on a real life senior dog refuge.
I’m keeping to the free part of free to play but when people do spend money part of it goes to the real life charity.
very interesting! thanks!
Wow, such a deal, spend money for a piece of nothing. Whew. I’ve been buying worthless items all my life, 70 years in fact, but this is really quite a, hmm, cheat? scam? something. Huh.
My understanding, for digital art NFTs, is that buying one is more analogous to buying a physical painting or sculpture. The owner of the NFT now has full rights to showcase and display it at will. However, because it is digital art, the artist still has the original data pre-NFT. I have heard of some artists packaging the original photoshop file into an NFT and selling that, so the buyer now owns everything about that work.
As far as I’m aware, no artist has tried to sue for rights should someone display an NFT they created and sold. I am aware of horror story anecdotes of people being sold NFT’s of an artist’s work that the artist did not create or sell. (Yes, a story anecdote is redundant, but I’m using it to emphasize that these are hearsay, and nothing I can point to as evidence.)
A lot of art distribution of the past century has been selling casts, copies, and prints of original work that was otherwise purchased. There is nothing that prevents an artist from selling multiple NFTs of the same art, except the understanding that the more copies exist, the NFT will cease to feel scarce.
Selling an NFT of a copy or reproduction of another work would, as HA says, be like selling a receipt for a print you bought at the gift shop. I mean, it is possible to create an entirely unique story and sell that original data file as an NFT, but then only one person ever reads it. And what’s the fun in that?
“The owner of the NFT now has full rights to showcase and display it at will. ”
Technically NFTs don’t guarantee that. What you are describing here is the grant of rights. 🙂
For example we buy a limited grant of rights from our cover artists, which allow us to use the art for our book cover and guarantee that nobody else can. So Luisa can still make a calendar with her art, she can sell prints of it, and so on, but she can’t license that art to another writer for their book. We also purchase the rights to display the art on our website for promotional purposes in the form of banners to have all of our basis covered.
To allow the right of display, NFT would need to come bundled with the rights grant.
Planet Money did a great podcast episode about art NFTs that’s worth a listen if one is interested:
https://www.npr.org/2021/03/12/976513031/the-69-million-jpeg
The most interesting fact I learned is that when the NFT is sold in the future, the artist gets a cut of the transaction. As an artist grows their popularity and commercial success through hard work, they deserve to benefit. Obviously there are downsides to NFTs, but man, HA deserves a cut of that $6k! 🙂
Good. I’m glad you’re not getting into the hat tricks of NFTs. NFTs are only useful for as long as the servers support them. They servers go away… Bam. You’re SOL.
Also… I saw this and thought of your grim task of working on Ruby Fever and thought you might like a laugh:
https://www.facebook.com/tumblrfunnyside/posts/1282437422227231
Even with your lovely explanation… I still no understand. Looking puzzled. Yes. Very puzzled. Should I take a selfie of puzzled self and sell it as an NFT??? Not sure. Still puzzled.
“People with too much money are free to set it on fire.”
Thank you for the good laugh! (Four doctor appointments in three days, and I needed to get oxygen all the way down to the bottom of my lungs. Nothing serious, just when the follow ups could be scheduled. Still, a long couple of days….)
I guess I’m just too attached to the “old” method of exchanging money for tangible things like books, food, housing/utilities, and art. Art that I can display and look at on the shelves in my living room. And remember the art or craft show where I got those particular pieces.
Thank you for that explanation! I have been having a lot of trouble wrapping my head around the idea of NTFs.
OMG and THANK YOU very much. This is just about the best explanation of what an EFT is as well as an excellent comment. Why the heck are people so happy to buy NOTHING!!!????
This gives me the same feeling I had when everyone was hysterical because Blackberry texting went down one day. You still had a phone. Place a Call!!
(Sorry about the capital letters. GRRRRR)
I like your escapes. They’re very good. Much magic, such character, so pretty/handsome/gore-y.
Brain dead right now. Ugh. We’re planning an actual escape (“vacation”) now for our belated honeymoon. I need an escape from planning my escape.
Thank you for the explanation. My brother keeps pushing my daughter (an animator/illustrator) to register her art as and NFT and she keeps resisting. Your explanation is really easy to understand as opposed to how my brother was trying to explain it.
Thanks for the many escapes from reality. Have to say though, buying NFTs does seem like some sort of departure from reality, too.
Also, I have copied the portrait of Tuna to stick up on my desktop for a couple of days, because it makes me laugh. ????
I do enjoy the escape you provide, thank you.
Plus I could always take a picture of my cat Micah, Photoshop out the white on his face and SAY I bought a receipt for the Tuna portrait. Who would know the difference? How much should I pretend to spend?
“This emperor has no clothes” I snorted loudly at that.
I appreciate your way with words and your books that allow me to escape the world.
+1!
I’ve known the author friend I talk about occasionally for very nearly 50 years now. The only free copy I ever got of any of his books was in the swag for the last Norwescon I attended. I’ve been asked about that by more than one – I’ll be polite and say ‘person’ – over the years.
Contributing to his royalties is an entirely painless way to help him support his family. I don’t ask any of my physician friends for freebies, either.
That is the clearest explanation of NFTs I’ve seen, period.
Thanks!
You have given me a much needed escape which I deeply appreciate. I have learned in my life that if there is a way to steal something there are people willing and able to that .I have also learned that people will willingly let them.case in point a drug user that was working with me ai a convenience store convinced people I was the one stealing .now I walked to and from said job a mile .and she was backing up her truck and loading it up. Never did get and apology.
Thank you for giving us a chance to leave our life, to have a needed break, to experience adventure, danger, tragedy, and joy. I do enjoy them.
So many digital ways and means these days. Ultimately though it’s not pride of ownership, it’s not who I can sell it to. It’s that for a brief shining period of time I am transported somewhere else. Thank you both for that. It seems in times of great stress I cannot help but to continue coming back to the Kate Daniels series, Innkeeper and Hidden Legacy for my brief response from Life. Wouldn’t it be something if authors could be paid not just for the initial cost of the book but for the hundreds and hundreds of hours that their readership goes back time and again to reread them? Of course not by the readers! But perhaps by some universal benefice.
I think Tuba should meet Matha Stewart’s cat; the calico Persian in the kitty litter commercial.
Did anyone notice that MS cat is ticked off? You can tell by the way that tail is a swishing.
I’d be ticked too if I was a cat often bathed by my owner. And as I cost $10k (minimum) I am looking to be paid for commercials.
Thank you — that was probably the best/simplest explanation of blockchain and bitcoin (I really liked the arcade token example) that I have ever read. Most of them talk about bitcoin being related to blockchain and then don’t explain block chain. Thank you also for being in the business of writing, selling books and escape.
PS – is it weird that I know the names of many of your extended family pets, and greeted today’s blog picture/heading with “Tuna!”
On par with the rest of my life, I guess. I know the names of most of the dogs in my neighborhood, but not that many of the people. When I had a chance to observe modern-day jousting a few years ago, I came away knowing the names of most of the horses, but very few of the riders.
Really interesting article about the “Disaster Girl” selling her meme NFT for $500,000!
https://www.nytimes.com/2021/04/29/arts/disaster-girl-meme-nft.html
There was a story recently about a family that sold the NFT of their 3 boys sitting on a porch swing or something?? The picture was apparently taken years ago and was “all over the Internet” in memes and such. I had never seen the picture myself. They decided to sell the NFT and got some outrageous amount for it but I thought at the time that that at least gave the buyers the full rights to the picture, but apparently not from your explanation.
Bitcoins I can kind of wrap my head around. NFT, not so much.
Thank you for confirming my thought that NFTs are yet more proof too few people have way too much money. I’ll keep my assets in a more tangible form.
Book is the safest escape in my opinion, thank you for the wonderful experience through reading your books<3
Wait is that Tuna as in Baby?
No, Tuna is our bonus kitty who came to live with us when her mom, aka Kid 1, came to stay with us. Baby is Kid 1’s dog that she got shortly after we moved to TX. Baby appears as Beast in the Innkeeper books.
Sorry I meant the cat Leon, grandma, and Arabella saved from the hostage situation but driving Tank into the house 🙂
While I love reading your work and your posts, I have to strongly disagree with this last part. While you always manage to take us on an adventure filled with danger, excitement, and emotions, it is never less stressful. It is always a stressful, emotional journey, and then there’s a cliffhanger! Not to worry, I’ll gladly take the stress to keep reading about the next adventure. Thank you for all you do to give us a brief and exciting escape.
I want to applaud you for a wonderful explanation of blockchain and crypto currency. I had several lectures on that topic, and this is the most clear explanation. I’m still confused as to why someone just wants a receipt? And if it one per book? So if we buy your book with nft only 1 person buys it, or is it just our nfts are unique?
I love the escape your books provide, trying to figure out what i should re-read now that i just finished the kate re-read
I use your books for just that purpose. To escape into another world for just a little while. Thank you for writing them
I just want to say that before I read something new, I come here to see if there’s a snippet or news or something. 🙂
I m sorry but i have See this pic by pinterest and musst show you this but i can as Reader Not contact you unless es is are technical problem …and thus i hope you like the pic the as i habe see et i musst Thing on catalians blades wall i know ist online Knifes on the pic but .
I hope Es got to the site
At least with the beanie baby implosion, you got a stuffed toy. Some had too many happy meals also.
My artist kiddo agrees emphatically with you on this subject.
NFTs were new to me. Pardon the crudity, but my reaction was WTF.
I’ll stick with buying (and loving) the books, which I have done since I first found ‘Magic Bites’ on the bookstore shelf.