The decline of traditional publishing isn’t a new topic. The rise of ebooks and Amazon. The fall of Borders. The merger of the big publishing houses. Do traditional publishers have a place in the next decade? Who knows.
But there is one thing that I have faith in.
Book Fandom.
Time and time again, I am blown away by online book communities—Thousands and thousands of passionate readers who post content about books on social media. Tapping into that community on Instagram [Bookstagram] was the sole reason I generated buzz and sold books with little to no platform. It gave me a renewed faith in publishing. PS - So has TikTok (BookTok more recently)!
Wikipedia describes fandom as a “subculture composed of fans characterized by a feeling of empathy and camaraderie with others who share a common interest.”
This brings me to my next topic.
Fandom will THRIVE in Web3. But can Web3 save traditional publishing?
Fandom & Web3
Last year, I purchased an NFT from the artist, Bobby Hundreds. The NFT is from a collection called Adam Bomb Squad— 25,000 cartoon bombs inspired by his clothing line, The Hundreds. This is the NFT as it appears in my digital wallet.
I purchased the NFT to learn about NFTs. The creator was an artist, a published author, an entrepreneur who’s spent over a decade building a real brand. While so many NFT projects promise the world, this was someone who’s actually built a community.
So I jumped into his Discord Channel. I followed his Twitter and Instagram. I had no plans of ever being a real fan of his business. I just wanted to learn and dip my toes in the water.
But something happened in the months that followed my purchase. I started connecting with people on Discord and Twitter. I started wearing the free t-shirt they gave me. I started taking pride in the fact that I owned this digital collectible. I started recommending the project to others.
And then came the perks. Access to exclusive merchandising [I literally had to connect my digital wallet to Shopify and prove NFT ownership in order to shop]. Access to giveaways and events. Some owners even get a % of clothing sales if their “bombs” are featured in merchandise.
I became part of an elite club of 25,000 with a shared interest in art, streetwear, and NFTs. I changed my profile picture to my bomb. As I write this, I’m wearing an Adam Bomb Squad t-shirt. I am part of their fandom.
The power of NFTS are in this shared ownership. Holding an NFT is like holding a little piece of the brand or artist you admire. And if you ever decide that you no longer value these things, you can sell your NFT, just like you can sell a rare Pokemon card on ebay.
Publishing & Web3
Books and fandom go hand in hand. We are a tight-knit tribe. We love showing off our latest reads and our favorite characters. We are a community looking for our people. Instead of looking as NFTs as a threat, let’s use this technology to strengthen our communities. When someone buys an NFT, they are purchasing a ticket to an experience. They are entering a universe. So whether authors give t-shirts or FaceTime’s calls to their holders, it doesn't matter. What matters is that they get value from being part of your community.
But collectibles and fandom are just one way NFTs are being used.
I believe NFTS will create a truer version of shared ownership than we have ever seen. Like when the Rapper Nas released a new album and gave his NFT holders a percentage of his music royalties. Or when a book creator granted its holders access to a writer’s room, where the NFT holders can collaborate with the writer and vote on things like characters, plot, genre, etc.
Now imagine if we didn’t give 80% of our royalties to publishing houses and music labels, and instead, gave it back to our fans? Imagine if writers could actually make money off the fan fiction that they write? If they could use our characters to start an Etsy store or “Fan Inspired” Coffee company without fear of any lawsuit? We are seeing these types of things happen in Web3. IP is being shared so much more freely.
FINAL TAKEAWAY
These are exciting times to be an author and creator. Web3 technology will enrich the fandom experience and make art more collaborative. It empowers us to bring fans into a real experience. It empowers creators to take control of their IP and share (even give back some of the profit) with the fans who invest in them. The publishing industry as we know it might die, but fandom, storytelling, and books will always survive.
Long live, Fandom!
Things that are inspiring me this week.
Don’t believe me about the future of Web3 in Publishing? How about Reese Witherspoon. Check out her talk on NFT Now :)