**When you collect this entry, you'll gain access to the Write3 Discord community. Moreover, 20% of the proceeds from this mint will be invested back into the Write3 community by purchasing literary NFTs created by our members.**
As part of the 30 Day Mirror Challenge, a participant asked a crucial question about decentralized publishing: "Why would someone collect my writing when it's available for free?" I'm grateful for this question because it highlights the importance of understanding the value of writing NFTs. In today’s post, I'll provide four reasons why collecting writing NFTs are beneficial for both writers and readers.
One of the primary reasons to collect a writing NFT is to financially support your favorite creators. In reality, creators require financial support to keep producing content. When you compensate a writer for their hard work, you're not just expressing gratitude; you're also providing essential financial assistance that contributes to their survival.
For instance, I write content for free and am currently running the 30 Day Mirror Challenge without any charge. By collecting this essay as an NFT, you'll be providing the only avenue for me to monetize my writing this month. NFTs and patronage are a perfect match, like peanut butter and jelly!
Think about Stephen King's early writing career when he published short stories in small magazines. If these works were collectible as NFTs, they would undoubtedly be worth a fortune today. This is why some people collect writing NFTs, with the expectation that they will appreciate in value over time.
NFTs are unique, verifiable assets that can’t be replicated or duplicated. This feature alone gives them an inherent value that’s not present in traditional paper or digital assets.
By collecting writing NFTs, you can financially support your favorite writers (as discussed in #1), as well as have the possibility of seeing your NFTs appreciate in value in the future. It's a win-win situation.
Collecting a writing NFT is akin to putting a sticker on the back of your Macbook. It serves as an announcement of your passions. Readers want to showcase their support for writers by time-stamping their fandom, just like holding onto a ticket stub from a concert before the band became famous. By collecting writing NFTs, readers can say, "I've been a fan for ages; check this out!"
Human beings have an innate desire to collect items that bring them joy, fulfillment and a sense of purpose. As our world becomes increasingly digital, collecting has taken on new forms, including NFTs. Readers crave more than social media likes or bookmarking a great Twitter thread; they desire ownership, they want to participate in a community, a culture and a lifestyle. NFTs facilitate this desire. With writing NFTs, readers can express their love for literature and support writers while enjoying the intangible benefits of collecting.
The utility of writing NFTs is the main reason readers collect. Writers offer various perks to their NFT collectors. Some possible utilities that can be offered:
discounts on future work,
access to a gated community (Discord/Telegram),
roles inside that community,
and gated exclusive content.
Additionally, writers can control where the proceeds of a writing NFT go. For example, a writer can give a portion of sales to charity or back to owners in some way. I personally put 20% of sales of my Writing NFTs back into my community, and by collecting this work today, you'll help me collect more Write3 work in the future, creating a flywheel effect that ensures more writing NFTs will be created.
Don’t take my word for it. CoinGecko recently asked NFT buyers, “How important is this in your decision to buy NFTS?” Here were the results:
As you can see, there’s plenty of reasons why a reader might read your work for free, but choose to collect the work as well. Not only do writing NFTs represent a new way of supporting your favorite writers and artists financially, but they also offer the possibility of financial appreciation, utility, and social signaling.
I’d love to hear your thoughts on why you collect writing NFTs. Leave a comment below and join the conversation about the future of decentralized publishing. __________________________________________________________________________________________
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