On Friday, Web3 ticketing and subscription solution provider Revuto announced a novel subscription model for Netflix and Spotify, using a non-fungible token (NFT) solution.
Revuto said it would offer a lifetime digital subscription for Netflix and Spotify through its Revolution NFT. A total of 10,000 users will be able to access this 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:
“Our goal is to bring more control to the end user. NFT technology will allow users to monetize their unused subscriptions by sending or selling them to other people who will use them. Users will even be able to rent it in the future.”
These subscription NFTs can also be traded on cryptocurrency exchanges, allowing the growth of a secondary market for these types of NFTs. Once the NFT changes hands, the old user’s digital debit card is canceled and the new owner receives a new debit card. Revuto’s NFT.
Revuto plans to introduce more subscription-based services through its NFT solutions and put an end to unwanted subscription charges.
Although the NFT market has seen a steady decline in trading volume in recent months, due to the current dominance of bears in the market, innovation continues to see new growth in the sector. Meta, the parent company of Facebook, recently announced that it would soon introduce NFTs 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
We are launching NFT on Facebook! Excited to share what I’ve been working on with the world.
NFTs became all the rage during the peak of the 2021 bull market, starting with digital collectibles and later expanding into the GameFi and metaverse ecosystems. As of Friday, NFTs have impacted various industries such as art, music, advertising, ticket sales, real estate, and many more.
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