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Tuesday, November 29, 2022

Croatian Web3 startup offers lifetime Netflix and Spotify membership via NFTs

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On Friday, Web3 subscription and ticketing answer supplier Revuto introduced a novel subscription mannequin for Netflix and Spotify, utilizing a nonfungible token (NFT) answer.

Revuto stated it will supply a lifetime digital subscription for Netflix and Spotify via its Revolution NFT. A complete of 10,000 customers could be eligible to get their palms on the distinctive subscription mannequin. Dino Ivankovic, head of enterprise growth at Revuto defined how these subscription-based NFTs may turn out to be an ecosystem of their very own. He informed Cointelegraph:

“We purpose to deliver extra management to the end-user. NFT expertise will permit customers to monetize their unused subscriptions by sending or promoting them to others who will likely be utilizing them. Users may be capable to even lease it sooner or later.”

These subscription NFTs could be traded on crypto exchanges as effectively, permitting for the expansion of a secondary marketplace for such kinds of NFTs. Once the NFT modifications palms, the previous consumer’s digital debit card would get canceled and the brand new proprietor could be supplied with a contemporary debit card. Revulution NFTs.

Revuto plans to introduce extra subscription-based providers by way of its NFT options and put an finish to undesirable subscription fees. 

Related: Beyond collectibles: How NFTs are revamping the ticketing industry

While the NFT market has seen a constant decline in trading volume over the previous few months, owing to the continued bearish dominance available in the market, the innovation continues to see new progress within the trade. Meta, Facebook’s mother or father firm, not too long ago introduced it will introduce NFTs quickly on its social media platforms.

NFTS turned a rage in the course of the 2021 bull market peak, beginning with digital collectibles and later increasing to GameFi and metaverse ecosystems. As of Friday, the NFTs have impacted several industries similar to artwork, music, promoting, ticketing, actual property and many extra.