The bookseller – News – Bertelsmann’s BDMI becomes latest investor in e-book company NFT
Bertelsmann’s venture capital firm BDMI has closed an investment in Book.io, joining Ingram as one of the company’s backers of non-fungible tokens (NFTs) for e-books.
Book.io puts e-books and audiobooks on the blockchain, where they can be traded as NFTs – a one-of-a-kind digital property certificate. This will allow readers to own digital books and sell them if they wish, the company says, creating a secondary market “where publishers and authors earn royalties on every resale in perpetuity.”
The company says that since launching its first book sale on July 20, total secondary market sales volume has already exceeded $500,000, including the sale of a single collectible e-book to more than $4,000. Earlier this month, Ingram announced it was investing in the company.
CEO Joshua Stone said of BDMI: “This investment is more than just a capital injection. It is a partnership with a venture capital group, BDMI, who understand the value of intellectual property and has been investing in media for over 15 years. We have a huge vision for Book.io with our product roadmap that extends far beyond eBooks to include audiobooks and other types of media. digital media in the future.We look forward to building our relationship with BDMI and their network of media experts through Bertelsmann.
Keith Titan, Partner at BDMI, a wholly owned subsidiary of Penguin Random House owner Bertelsmann, added, “We are delighted to be part of the Book.io team through our recent investment. We have closely followed the explosion of NFTs in various media, including images, video, and music, and now Book.io is forging a new market for NFT e-books. Their early releases of NFT eBooks sold quickly and generated hundreds of thousands of dollars in sales with an immediately active secondary market as Josh and Ben fulfill their mission to launch innovative digital products that will attract both book buyers traditional and a whole new group of e-book collectors. We look forward to helping Book.io continue its success.
Book.io is building an e-book and audiobook marketplace, mobile reading apps, and a self-service portal for publishers and authors. The firm says it is in talks with various international publishing houses and best-selling authors to release their titles on the platform this fall.