Book.io Secures Remarkable Investment From Billionaire Entrepreneur/Investor Mark Cuban
Book.io, a Cardano-based multichain Web3 marketplace for buying, selling, and reading eBooks; has recently closed a seed funding round with Ingram Content Group, a leading book distributor with a vast network of publishers and titles. This seed funding round secured funding from some notable figures like billionaire entrepreneur/investor Mark Cuban and according to Book.io, Cuban has not only invested money in the company but has also provided “invaluable advice” and connections.
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The partnership with Ingram Content Group, a well-established player in the book industry, is also seen as a significant milestone for Book.io. Ingram’s President and CEO, Shawn Morin, expressed excitement about joining forces with Book.io in pioneering new supply-chain models for eBook delivery that leverage the security, transparency, freedom, and promise of blockchain technologies. Morin also noted that Book.io’s ultimate vision immensely aligns with Ingram’s mission to provide the necessary infrastructure, support, and services for content to reach its destination whilst also empowering every party involved, from content creators to consumers.
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Book.io describes itself as a multi-chain that aims to make books and other media live on the blockchain. The start-up mints books as non-fungible tokens (NFTs) on various blockchains, with most titles residing on Cardano, as seen on its book minting page. With the use of NFTs, Book.io is bringing a unique approach to the digital publishing industry. Books are minted as NFTs, providing a new level of ownership, authenticity, and value to digital books. This innovative concept allows readers to buy and sell eBooks and Audiobooks on a global secondary market, while also ensuring that publishers and authors earn industry-high royalties for first-time sales, as well as royalties on secondary sales in perpetuity, thanks to smart contracts.
What sets Book.io apart is its use of blockchain technology as the foundation of its platform. It aims to create a marketplace and platform that will forever change digital reading by allowing readers to not only buy eBooks and Audiobooks, but also sell their books on a global secondary market. With the use of smart contracts, publishers and authors will earn high royalties not only on first-time sales but also on secondary sales in perpetuity.
Initially rising to prominence through a plethora of eBook mints for classic novels like The Time Machine, The Great Gatsby, and Alice in Wonderland; the project has also expanded to offer support for authors of any notoriety to be able to publish content such as Cardano For The Masses by the wonderful John Greene and Foundations of Decentralized Identity by Atala PRISM.
Furthermore, despite the challenging market conditions, Book.io was able to generate over $250,000 in net sales revenue within the first few months of its launch and continues to generate daily royalties from NFT secondary market sales. The project’s success within a short timeframe since its launch, coupled with the support of high-profile investors like Mark Cuban and the partnership with Ingram Content Group, showcases the growing interest and potential of NFT eBooks and blockchain technology in the publishing industry. As Book.io continues to engage with large publishers and authors and prepares for upcoming title releases in the fall, it will be interesting to see how this innovative startup continues to disrupt and reshape the digital reading landscape.
