The venture capital arm of Bertelsmann, BDMI, is investing in Book.io, shaking hands with Ingram as a supporter of the e-book NFT platform. Book.io is placing its audiobooks and e-books on the blockchain, enabling their trading in the form of non-fungible tokens (NFTs) with a digital ownership certificate.
BDMI Invests in an E-Book NFT Company Called ‘Book.io’
In this way, the readers will be permitted by the platform to possess digital books as well as sell them in case of their choice, as mentioned by the company. This would establish a secondary market to provide a place for the authors and publishers to receive royalties over each resale constantly.
The firm asserts that, since the launch of the initial book sale, which was conducted by it on 20th July, the secondary market-based sales’ cumulative volume has in advance surpassed the mark of $500,000. These sales also take into account a single e-book’s price of up to $4,000. Formerly this month, it was declared Ingram that investments were made by it into the firm.
Book.io CEO Anticipates Many Other Partnerships with BDMI
Joshua Stone – the CEO of Book.io – stated that the respective investment does not count as only a capital injection. As per him, it is a collaboration with BDMI (a venture capital firm) that comprehends the worth of intellectual property. In his words, a lot of investments have been made by the company in media during the previous fifteen years.
He asserted that their vision of Book.io is far-reaching under the product roadmap that takes into account not only audiobooks and e-books but also the rest of the digital media forms in the coming time.
He added that they are expecting to establish a long-lasting collaboration with BDMI along with the team of media experts across Bertelsmann. A BDMI partner, Keith Titan, disclosed that they are thrilled to be the Book.io group’s participant via their recent investment.
As per him, they have been keenly monitoring the NFTs’ expansion in diverse media such as images, music, and video, and currently, Book.io is establishing a unique market focused on NFT e-books. He revealed that their earliest releases of NFT e-books generated huge amounts. He made it clear that they will assist Book.io in effectively continuing to make progress.
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