Background Information
NFTs (non-fungible tokens) are blockchain-based digital assets that are unique and cannot be subdivided, exchanged or replicated like cryptocurrencies. They have become popular recently due to their capabilities that allow creators to own and distribute their artworks in digital form. Poets, in particular, can showcase their works using NFTs, making their work accessible to wider audiences and monetizing the same. In addition to poetry, NFTs can be used to represent digital music, photographs, digital embodiments and certificates.
Creating an NFT
The first step in turning poetry into an NFT is to select a poet, who can either be a professional or an amateur. Professional poets are those who have extensive experience in writing and are technically competent. Amateur poets are often less experienced but have a strong passion for writing. It is important to ensure that the poet has access to the necessary technology and resources for creating an NFT.
Once the poet has been chosen, the next step is to create or buy an NFT. This can be done with the help of a blockchain platform such as Ethereum or Trieble. The poet can either create the NFT from scratch or commission a service provider such as Mintable or Rarible to create it. Once the NFT has been created, the poet can configure it with specific details such as making it a fixed asset or allowing it to be transferred to others.
Distributing the NFT
The next step is to publish the NFT so that others can access it. This can be done through marketplaces such as OpenSea, SuperRare and Foundation. These marketplaces host a wide range of NFTs, making it easy for a poet to share and monetize their work. The poet can also issue their own tokens to help incentivize their work.
Marketing the NFT
Once the NFT has been created and published, the poet must also market it in order to make it attractive to potential buyers. This can be done by creating awareness about the NFT and its features. Social media platforms such as Twitter, Reddit and Discord can be used to reach a wider audience and drum up interest.
Collecting Royalties for the NFT
An important element in collecting money for the NFT is setting up a royalty system. The poet can decide to split the royalty payments between themselves and the platform. Alternatively, they can also set up a system to distribute the funds to multiple beneficiaries. This should be done in a transparent manner to ensure accountability and fairness.
Additional Benefits of NFTs
In addition to monetizing a poet’s work, NFTs provide additional benefits such as promoting transparency and collaboration. For instance, a poet might choose to collaborate with a musician and share the royalties among themselves. This makes it easier for creative individuals to come together and create something innovative.
NFTs also enable poets to receive feedback from their audience. By allowing comments and ratings, a poet can gauge the public’s opinion on their work and use it to refine their future works.
Using NFTs to Support Charities
NFTs provide an opportunity for poets to support charities. Many marketplaces are donating a portion of their revenue to charity, and poets can also set aside a portion of their earnings. This will help to support a worthy and meaningful cause while also providing additional leverage for the poet.
Security Measures When Using NFTs
To ensure that the NFT is secure, poets must take the necessary security measures. These include storing the digital asset securely, setting up robust authentication protocols and back up the asset regularly. Since NFTs are digital assets, it is important to ensure that they are not vulnerable to cyberattacks or fraud.
Taxation of NFTs
In some countries, NFTs are subject to taxation. Poets must research the relevant tax regulations in their country and abide by them. This will help to ensure that the poet does not face any unforeseen difficulties or liabilities.
Exploring Alternative Platforms
It is also important to explore alternative platforms for turning poetry into NFTs. Many blockchain-based platforms are available, such as WAX and UBIQ, that offer different features and tools. By exploring these, a poet can choose the best platform for their project.
Taking Steps to Protect Intellectual Property
Finally, it is important to take steps to protect the intellectual property of the NFT. A poet can register the asset with relevant authorities or include a legal disclaimer in the contract to ensure that the rights to their work remain with them. This will help them to ensure that their work is not copied or reused without their permission.
