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Disrupting the publishing industry with Libraro and the BSV blockchain

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Disrupting the publishing industry with Libraro and the BSV blockchain

Budding authors have the opportunity to showcase their manuscripts on the Libraro platform, enabling readers to peruse and evaluate their work.

Blockchain has the potential to disrupt several industries beyond just the finance and tech sectors. This includes the centuries-old publishing industry, which is set to see a significant shake-up thanks to the BSV blockchain and Libraro.

Budding authors have the opportunity to showcase their manuscripts on the Libraro platform, enabling readers to peruse and evaluate their work. Manuscripts that gain popularity can subsequently capture the attention of publishing houses, which may choose to invest in projects already embraced by a dedicated fan base.

This approach, referred to as ‘crowd reading’ by Libraro, signifies that when a book project garners substantial interest from a broad readership, it serves as a clear indicator to publishers of the presence of an enthusiastic and engaged audience.

Pain points in the publishing industry

Any new author starting today will first need to write a book and then hopefully attract an agent who reads it and likes it, says Arsim Shillova (Founder of Libraro). If it’s then considered good enough, it will then move up the chain until it is hopefully published one day, he said.

‘So that’s the old way of doing things. What we are introducing is that authors will have the chance to build a fanbase by actually presenting their manuscripts to readers and the general public. So it will be this general public, who decides and recommends manuscripts throughout the platform.’

Shillova noted that this is significantly different from the way that publishing currently works, as authors have the chance to build a fanbase in the early days while they are still writing the book. This also gives authors the chance to directly communicate with their fans. He added that this is also beneficial to publishers as they will get the chance to potentially pick up and promote books which already have a built-in following and a ready-to-buy market.

NFTs and manuscripts

Shillova explained that Libraro plans to incorporate NFTs as part of this process. Every manuscript added to the platform also has an NFT created for it. He noted that the idea is not to create an NFT marketplace, but rather focus on the collectable aspect of these manuscripts. He cited the popular Harry Potter books as an example, with first editions now selling for thousands of pounds. ‘We believe through our platform we will be able to discover the next bestseller and then, in turn, create a collectable NFT of that publication,’ Shillova said.

While collectables are a core focus of Libraro’s platform, Shillova noted that the platform also plans to scale significantly to accommodate the vast size of the publishing industry. He pointed to the fact that the UK has 400 literary agents alone, and that these literary agents receive over one million manuscripts a year.

Libraro’s business model will allow authors to upload these manuscripts for a small fee (less than the price of a coffee) and potentially build a large audience. And because of the sheer number of manuscripts being published, Shillova estimates that as many as 500,000 manuscripts will be published on Libraro within the next three years.

Looking forward

In April 2023, UK-based technology company nChain announced that it is investing £2 million into Libraro and taking a 20% equity stake to drive the development and adoption of Libraro’s solution.

By leveraging nChain’s robust web3 and blockchain IP portfolio, the partnership will enhance Libraro’s platform capabilities. nChain will also support Libraro through development and professional services, using their expertise in building apps and providing back-end blockchain infrastructure.

Shillova said that the investment will help his team prepare to go to market towards the end of 2023, with a launch planned in both the UK and the US. ‘We’ve started engaging with the publishing industry already, and we’re super excited with the positive response that we have had. We see that the publishers see us as an opportunity to help them invest in winners and we’re super excited about that, we are looking forward to an exciting future.’

Ryan Brothwell

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