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Blockchain and NFTs are changing the publishing industry

Published 08/09/2022, 11:15 AM
Updated 08/10/2022, 01:00 PM
Blockchain and NFTs are changing 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:

Isaac "Drift" Wright's piece from the Slices of Time Collection. Source: Keith Grossman
The crypto postage stamps are launched as NFT collectibles, but they can naturally also be used to mail documents. Source: Royal Joh Enschede

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