On July 8, Web3 subscription and ticketing provider Revuto stated that a novel subscription model for Spotify and Netflix would go into operation using a nonfungible token (NFT) solution. The subscription-based unique nonfungible token is capped at 10,000 and the buyers would get a digital debit card together with the NFT to pay for their subscription.
Revuto also confirmed that it would offer a lifetime digital subscription for Spotify and Netflix through its Revolution NFT. A cumulative total of 10,000 users would qualify to get their hands on the distinct subscription model. The head of business development at Revuto, Dino Ivankovic, explained extensively how these subscription-based NFTs could become an ecosystem on their own.
He told reporters:
“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 easily be traded on crypto exchanges too, which supports the growth of a secondary market for these kinds of NFTs. Once the NFT exchanges hands, the old user’s digital debit card would be canceled and the new owner would be offered a new debit card.
Revuto plans to introduce more subscription-based services via its NFT solutions and put an end to the unwanted subscription charges.
While the nonfungible token market has seen a continuous drop in trading volume in the past several months, due to the current bearish dominance in the market, innovation continues to see new growth in the sector.
Meta, Facebook’s parent company, recently said that it would introduce NFTs soon on its social media platforms.
NFTs gained a lot of hype during the 2021 bull market peak, starting mainly from the digital collectibles and later spreading to the metaverse and GameFi ecosystems. As of July 8, the NFTs have impacted many sectors including advertising, art, ticketing, music, real estate, and a lot more.
Revuto is a blockchain-based platform that strives to become a one-stop solution for its user’s subscriptions. While on the platform, users can block, approve, or snooze their payments for any service within seconds.
Through the Revuto platform, users are free from every unwanted charges that might be incurred as a result of the inability to exit a plan as at and when it is due. Revuto enables users to automate their subscriptions, such that even when users forget, the subscriptions can easily get managed.
The Revuto platform also brings more value to the users via its decentralized finance (DeFi) features. With these DeFi offerings, users can then benefit from the available products ranging from staking, micro-lending, liquidity provisions, and much more. Revuto strives to serve as more than a subscription management app since it is designed to accommodate a lot of use cases soon.
Revuto is one of the pioneering Decentralized applications that is powered by the Cardano blockchain. Cardano is scalable which enables it to support DApps and smart contracts. Both the Cardano parent firm IOHK and the Cardano community recognize Revuto and all the solutions that it offers.