Web3 is undoubtedly disrupting several industries and opening up a world of possibilities and opportunities to persons in these industries. The publishing industry isn’t left out as writers, poets, and storytellers with NFT and Blockchain technology giving them more control over their literary works. Through this, Web3 publishing is gaining more prominence as the blockchain and literary NFTs serve as an advanced publishing medium for these authors to control and further monetize their content. Read on to discover how Web3 publishing works and how blockchain-based publishing platforms like Mirror and LikeCoin are changing the world of publishing.
How Does Web3 Publishing Work?
Web3 publishing differs greatly from traditional publishing; Authors are more involved in the whole process of Web3 publishing, from the production to the minting of the literary NFTs. That allows the writer to set their revenue and royalty structures. Furthermore, Web3 publishing results in a more immersive and interactive experience for the reader as the writer can combine his content with digital imagery. Literary NFTs undoubtedly provide the industry with a new dimension and with that, authors can further create a community built around their works and better connect with readers. For instance, readers who purchase a particular book only get an autograph at most from the author. However, with Web3 publishing, these readers can become part of a community with like-minded individuals who share an interest in a particular author and even connect better with these authors. For authors, Web3 publishing gives them creative freedom, which is one of the benefits of decentralization!
Web3 publishing is gaining more prominence and thankfully, there are several platforms and communities in which writers can experiment with writing using blockchain technology. Read on as we look at two of these platforms – Mirror and LikeCoin.
What is Mirror?
Mirror is one of the most prominent Web3 publishing platforms. Many consider it the decentralized version of the popular blogging platform Medium. However, unlike Medium, Mirror is blockchain-based and provides a decentralized infrastructure for users to publish their thoughts. Mirror also allows these authors to turn their posts into digital collectibles, allowing readers to purchase them as NFTs.
Mirror provides an all-encompassing structure that eliminates the need for any Web2 publishing process. Built on Ethereum, Mirror allows writers to tokenize their articles. Furthermore, writers can engage with subscribers in a gated group on Telegram. Mirror utilizes an Ethereum Layer 2 network Optimism to reduce the gas fees required to perform transactions on Ethereum. The low gas fees also make it possible for writers to set a “reasonable” purchase for their tokenized articles, without buyers having to worry about spending a huge chunk of ETH on gas fees. Writers do not have to worry about the censorship or removal of their content by a third party, thanks to how decentralized Mirror is. The platform stores all content on Arweave, a decentralized storage network. Therefore, these articles are always accessible, unlike when using a platform like WordPress, which hosts all content on a server that the cloud providers can take down at any time.
How Does Mirror Work?
Using Mirror is similar to working on a platform like WordPress. You can either compose your content on any Web2 writing platform and upload it to Mirror when done or compose your content from the get-go in Mirror. The formatting and structure are similar to the one in WordPress. Writers can also insert images, apply metadata, edit the permalink, and everything attainable in WordPress. Contrary to what some may think, writers can edit their content even after publishing. That is possible because the articles exist on the Arweave block graph and not directly on the blockchain.
Mirror allows authors to turn their articles into digital collectibles and set the minting fee for these literary NFTs. Readers who are interested in minting the NFT will have to press the ‘Collect’ button on the platform. Readers can still access and read these articles without purchasing the NFTs. Minting the article just provides easier access and is a great way to appreciate the author for their creativity. Like Medium, users can also subscribe to content from a particular author and receive notifications when there is new content from that author.
What is LikeCoin?
Built on Cosmos SDK, LikeCoin is a blockchain-based decentralized application focused on decentralized publishing. The platform provides users with open-source products, right from the infrastructure to the publishing tools that will help them succeed in Web3 publishing. With LikeCoin, authors have complete ownership over their content by publishing it in an “NFT native” format rather than the “Web-native” format we are all accustomed to.
By using LikeCoin, writers automatically create and publish their works on the blockchain. LikeCoin typically stores these literary works in two layers; the property right layer and the NFT layer. The property right layer is meant to safeguard the author’s or creator’s intellectual property rights. LikeCoin achieves that by using the metadata registry ISCN (international standard content number). The ISCN is like a digital content ID that anyone can use to identify the origin of a specific digital work; the intellectual property rights and everyone involved in creating the literary work. Therefore, the ICSN metadata registry tracks the relationship between the digital content and the creator on LikeChain. On the other hand, the NFT layer provides proof of ownership and a mechanism of transfer between purchasers and creators. That is basically proof on the blockchain that a particular wallet address purchased the author’s content as an NFT.
LikeCoin’s Writing NFT Plug-in Tool
LikeCoin has also simplified Web3 publishing with its publishing tools and plug-ins like the ‘Writing NFT.’ The Writing NFT is a decentralized tool that features a widget that writers can embed into their websites. This widget is simply a mini NFT marketplace that allows anyone to sell their content as an NFT without worrying about the technicalities involved in this process. What happens is that the writing automatically becomes an NFT the moment it is published on the internet. Furthermore, this Writing NFT tool also allows writers to turn any webpage into an NFT. The tool handles all technicalities including the NFT pricing. It utilizes a preset bonding curve design which sets all NFT prices with dynamic pricing. The NFT prices automatically climb up as demand increases. Readers can also collect and own their favorite articles as an NFT with the existence of this tool. In simple terms, this Writing NFT tool is the “Opensea of Literary Content.”
Platforms like Mirror and LikeCoin are disrupting the publishing industry. They offer writers and creators more control of their works rather than being at the mercy of traditional publishers. Blockchain and NFT technology also makes these works more secure and guides against piracy.
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