Blockchain And NFTs Are Revamping The Publishing  Industry

Web3 has become the most sought-after investment sector of 2022, as use cases for nonfungible tokens (NFTs), the Metaverse and other blockchain applications come to fruition. Therefore, it shouldn’t come as a surprise that different segments of the publishing industry have begun to use Web3 technologies to transform traditional models.

For example, the textbook publishing giant Pearson recently announced plans to use NFTs to track digital textbook sales to capture revenue lost on the secondary market. Time magazine, which was founded 99 years ago, has also been using NFTs to create new revenue streams, along with a sense of community within the publishing industry. Keith Grossman, the president of Time, told Cointelegraph that the magazine is demonstrating the new possibilities of engagement that Web3 brings to the publishing industry. He said:

“Web3 can evolve ones brand in a world where individuals are moving from online renters to online owners and privacy is beginning to love from platform to the individuals.”

Traditional publishers are using NFTs to build communities and engage with audiences.

Other sectors of the publishing industry are starting to employ NFTs .For example, Royal Joh Enschede, a 300-year-old Dutch printing company, is entering the Web3 space by providing its clients with an NFT platform for “crypto stamps.” Gelmer Leibbrandt, CEO of Royal Joh Enschede, told Cointelegraph that the postage stamp and philately world is very traditional, noting that nonfungible tokens will allow for expansion. He said:

“The crypto stamp opens up a global market that will appeal not only to the classic stamp collectors but also to collectors in their teens, twenties and thirties who buy, save and trade NFTs. This is naturally very appealing for our main customers — over 60 national postal organizations worldwide.”