Book price

Authors are required to specify the book’s price during the ICO period, as well as the books price after the ICO.

The general practice for all initial coin offerings is that you sell the tokens for a lower price during the ICO and after it ends they go to the regular/higher price so to provide an incentive for people to invest early. The system will not allow you to put the price during ICO higher that the price after the ICO since this is not correlating with the essence of initial coin offerings.

You can specify the same price for ICO and post-ICO period, but keep in mind, your readers will not have additional motivation to support you during the crowdfunding period if they can get the same book for the same price after the campaign. You as the author need to incentivise your crowd to want to invest in your book early. For example, you can price the book at a discount or have an exclusive book with limited supply on sale during the ICO. Think about what incentives you can give to your early readers and investors.

You as the author need to incentivise your crowd to want to invest in your book early.

Amount of books

Here you can specify how many book copies (one BOOK token equals one book copy) will be sold during the Book ICO and what will be the minimum and maximum supply.

Just as with the previous example, you are free to design your campaign based on your own business model.

There are no universal rules as to how to set up you Book ICO campaign best, every author must answer these main questions for themselves:

What is my ultimate goal? How much funding do I really need to produce a book? Do I already have a strong community to support my campaign? When I realistically be ready to deliver a book?

Based on your answers to these simple but vital questions, every author can define their own business model. What is working for one author may not necessarily work for another and vice-versa.

Minimum amount (soft cap)

This field defines how many BOOK tokens you must sell in order to consider your Book ICO campaign as successful. While there are no restrictions, choose your Soft Cap carefully — if you set your Soft Cap too small, you have more chances to succeed but at the same time you will have to deliver a book with less funds available. By setting a soft cap too big you are risking not succeeding with the ICO.

Maximum amount (hard cap)

This field is very important, but not as crucial as the Soft Cap. The Hard Cap indicates how many books can be sold during the Book ICO.

Same as with the previous example, you need to plan ahead. By setting a lower hard cap you can expect that your ICO will end faster, at the same time you can miss some sales if you have a strong demand for your book.

By setting a higher hard cap, you can earn more funds during the Book ICO for the production of your book, although setting the hard cap too high can be less attractive for readers (read here how the number of book copies during the Book ICO can affect the demand for your book sales).

Total number of book copies offered through Publica including those sold in the Book ICO

This number indicates how many books will be available for sale on the Publica platform. Unless you have a specific strategy in mind, make it enough copies (ten thousand, for example). This will guarantee that there are always “enough books in the inventory”.

There can be another strategy, though. By setting a limited amount of tokens available for sale, you can create some scarcity and set a higher price since the demand will be bigger because of the fear of missing out.

To sum up, you must make a strategic decision as to how much funds you really need to write and produce your book. Then, you need to decide how many books you want to sell with a discount for early contributors and how many book copies you want to be available for sale on the platform.

Wallet address

Enter your wallet address (in case you don’t have a wallet yet, check our tutorial on how to create a cryptocurrency wallet). Make sure you double-check if your Ethereum wallet address is entered correctly.