On Friday, Web3 subscription and ticketing solution provider Revuto announced a novel subscription model for Netflix and Spotify, using a nonfungible token (NFT) solution.
Revuto said it would offer a lifetime digital subscription for Netflix and Spotify via its Revolution NFT. A total of 10,000 users would be eligible to get their hands on the unique subscription model. Dino Ivankovic, head of business development at Revuto explained how these subscription-based NFTs could become an ecosystem of their own. He told Cointelegraph:
"We aim to bring more control to the end-user. NFT technology will allow users to monetize their unused subscriptions by sending or selling them to others who will be using them. Users might be able to even rent it in the future."
These subscription NFTs can be traded on crypto exchanges as well, allowing for the growth of a secondary market for these types of NFTs. Once the NFT changes hands, the old user’s digital debit card would get canceled and the new owner would be provided with a fresh debit card.
Revuto plans to introduce more subscription-based services through its NFT solutions and put an end to unwanted subscription charges.
Related: Beyond collectibles: How NFTs are revamping the ticketing industry
While the NFT market has seen a constant decline in trading volume over the past few months, owing to the ongoing bearish dominance in the market, the innovation continues to see new growth in the industry. Meta, Facebook’s parent company, recently announced it would introduce NFTs soon on its social media platforms.
We're launching NFTs on Facebook! Excited to share what I've been working on with the world. pic.twitter.com/TaV66zRanV— Navdeep Singh (@navdeep_ua) June 29, 2022
NFTS became a rage during the 2021 bull market peak, starting with digital collectibles and later expanding to GameFi and metaverse ecosystems. As of Friday, the NFTs have impacted several industries such as art, music, advertising, ticketing, real estate and many more.