How to buy, transfer and sell NFTBOOKS

How to buy, transfer and sell NFTBOOKS

By Stefanodellamico | Blockify | 15 Oct 2021


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1. What is NFTBS?

NFTBS is a token released on June 2021, and has a unique own project: it aims to revolutionize the world of books.
How? Well, the project is built to create a relationship among entities, which is the so called ecosystem.

1.1 Project's description

The description of the project (that you can elaborate here) has a quite interesting incipit: what can we buy with 20$ today? 
In the entertainment world, a monthly subscription to the most famous streaming sites...or just one book.
The problem that developers rise in fact is that the writer often has to contact a publisher, that create copies and distributes them all over the world: a very complex, long and expensive process.
Furthermore, this project aims to put and ending to literature online piracy.

So, can we simplify this process, and meanwhile reduce costs and maximize profits for writers (and not just for them)?
The answer is yes, and here is where NFTBOOKS comes in.

1.2 NFTBS ecosystem

The ecosystem is divided among 5 entities:

  • Authors
  • Lessors
  • Readers
  • Investors
  • Translators

Let's see briefly all of them.

1.2.1 Authors

Authors are defined as "primary audience": they will be able to publish freely their books, becoming publishers of their own works, and earn with the commissions gained from their books. They'll even have copyright, which will remain even on lessors buy.

1.2.2 Lessors

Lessors will be able to buy one or more books from authors, and will have the work to publish those books. They will earn on readers commissions.

1.2.3 Readers

Readers have the most numerous role in this ecosystem, and even quite important: in fact, more readers there will be, the lesser will be the cost of the books, because a competition among authors will be born.

1.2.4 Investors, Traders e Holders

Couldn't ever a platform like this not repay who believes in this project? of course no! in fact, for every transaction done with the token, the 4% of the value will be burn for the 2% and the rest sent to holders. This represents a passive growing income.

1.2.5 Translators

Translator will have to subscribe with authors, and will be able to write books translating them in different languages for the community. Whitepaper says that they'll have the same earnigs of authors.

Now let's see how can we become Holder of this token and be part of that ecosystem.

2. How do i buy or sell NFTBS?

Process may be quite complex if it's the first time, but let's see it step by step.

2.1 Prerequisites

  • First of all, you need a MetaMask wallet. If you are using a PC, download it from this link. Otherwise if you're using a telephone download it for Android or iOS.
  • After the download, configure your account following the setup-guide
  • Now, you'll need to add the Binance Smart Chain to the available networks, because the token run on it. For doing that, click on the icon of your account, and move to "Settings".
    bdbcc6313da884e090a8825ad5f464b1e415d8b0aef957363c3aec2fef459c5e.png
    Scroll down untill "Networks" and click on "Add a network". Configure the network as follow:
  • Once you're done, select the newly created network. For doing that click on the right-side of the fox on "Ethereum main network" (which is selected by default) and select the one you created.
  • Now, you'll need to import the token. Go to CoinMarketCap. Click on the fox and you'll get a form like that:c1d576a40c59e4f45612f9bfac19984f82b4788829ba6b54f5414cd204bd1bb3.png
  • Once you have imported it, we can prepare to exchange the token. Be sure to have some crypto in your wallet, because it's not possible to directly buy it with fiat. If you don't know how to do it, i suggest you to register to Binance, which has various advantages (one of them is the very low commission fees), and beacuse every bought token already is located inside the BSC (Binance Smart Chain), and will be able to be moved without any problem inside your MetaMask wallet.
  • If you're sure you can proceed, then go to PancakeSwap, that will allow you to exchange the token. You'll need to connect your MetaMask wallet first (that will be automatically requested on login; otherwise click on "Connect Wallet" on the top-right of the screen).
  • Before executing the exchange, you need to add the token to the exchangeable ones. Click on one of the two token you see, and select "Manage tokens", then "Tokens" and add the following address: 0x3279510e89600ee1767a037dbd0ad49c974063ae
    Confirm, tick the "I understand" button and end importing it. At this point the token will result in the list.
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  • After that, select the two tokens you want to exchange. Because of the volatility of the token, and has lots of decimal digits, you'll need to ensure to avoid the "INSUFFICIENT_OUTPUT_AMOUNT" error. For doing that, add ".01" to the quantity you could get after the exchange, and set the slippage at 2%. To modify this value, click on the gear and change it like in the images:0c262a8be3b5ca9cb7876e8ab137137135f4b2f8a54f7a1c61f68eed1c1f1a43.png
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  • At this point, click on "Swap" and confirm. If you keep getting the previous error (INSUFFICIENT_OUTPUT_AMOUNT), raise the slippage by 0.5% each time, untill you will not get a confirm form like this on MetaMask:
  • e0064649737a91e2e179a4741405c782dad1c6a421ca24cb8176f63aa5e4ce9f.png
  • At this point, after having confirmed, wait some seconds (could take event two minutes) and you'll get your tokens, and you will be become trye Holder of the NFTBOOKS platform! By the passing of time in fact, as the whitepaper says, you'll see your tokens grow by number.

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If you want to sell instead, you will just need to invert the token to exchange (the first one NFTBS and the second what you want).

 

For this tutorial is everything, if you need to clarify something don't hesitate leaving a comment for help.

If you want leave a review and share the post!

See you soon for new tutorials!

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Stefanodellamico
Stefanodellamico

University student in Parma, computer science.


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