A few months ago, non-fungible tokens became a popular thing. A piece of blockchain-based digital art sold at auction for $69 million. The collage of 5,000 images by the artist known as Beeple sold at a record price. Since then, all kinds of NFTs have been sold at wild but varying prices.
Authors must be scratching their heads and wondering: Why? How?
How could a writer toil in obscurity for years, get ignored by publishers, and earn peanuts for his or her writings, not be jealous at this craze that rewards bullshit?
I don’t know why anyone would but a NFT. There is nothing unique about it. It is not great art necessarily. And it seems easily replicable. What is the point? What do you really own?
It goes along with cryptocurrency. A Bitcoin is nothing, really. It is not a currency in the U.S. It is limited on how much of it exists. There is no there there. Some computer software mints really nothing. This nothing can’t be seen or touched. It can’t be traced. It is used by criminals. What the hell is going on?
Meanwhile, Monopoly money has more value. At least you can use it to play a game. But seriously, Bitcoin is a pyramid scheme that keeps growing. It was worth as much as $60,000 recently -- and now it struggles to retain half of that value.
What is our country and culture coming to? We “speak” by texting. We ‘write’ by using emojis. We say a made-up digital image is worth 69 million dollars, and believe one unit of a made-up commodity-called-currency is worth $30,000 or more. The government can’t even pass a minimum wage bill that is livable, schools turn out dummies, and all that used to illegal, such as marijuana, is now sold everywhere with the blessing of all. And a made-up thing is viewed as money and worth a pound in gold?
I love America. It always has had problems and growing pains. What is new confounds us until it becomes the norm. Where there is opportunity, someone will exploit it. Our consumerism and entrepreneurialism collaborate to sell junk to junkies. Bubbles burst and we move on to the next big thing.
But it frustrates those who work hard, such as writers, to see people make easy money day-trading Bitcoin, overcharging for some trendy product, or living off the interest and profits of a company that built itself on the backs of low-wage, throw-away workers. But that’s capitalism and the American dream at work.
The question is this: Can writers make real money? Maybe if they sell their book cover art as a NFT, or agree to receive royalties in Bitcoin, they will generate some greenbacks. Unfortunately, the author’s printing press doesn’t mint money, but it does produce a product that helps others, and gives writers a well-deserved legacy.
Books have immeasurable value. They are worth far more than Bitcoins.
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About Brian Feinblum
Brian Feinblum should be followed on Twitter @theprexpert. This is copyrighted by BookMarketingBuzzBlog ©2021. Born and raised in Brooklyn, he now resides in Westchester with his wife, two kids, and Ferris, a black lab rescue dog. His writings are often featured in The Writer and IBPA’s The Independent. This was named one of the best book marketing blogs by BookBaby http://blog.bookbaby.com/2013/09/the-best-book-marketing-blogs and recognized by Feedspot in 2018 as one of the top book marketing blogs. It was also named by WinningWriters.com as a "best resource.” He recently hosted a panel on book publicity for Book Expo America. For more information, please consult: .