Spotify membership via NFTs
Using a nonfungible token (NFT) approach, Web3 subscription and ticketing solution developer Revuto introduced a revolutionary subscription strategy for Netflix and Spotify on Friday.
Netflix and Spotify's lifetime digital subscriptions will be made available by Revuto through its Revolution NFT. The unique subscription model would be available to a total of 10,000 individuals. The head of business development at Revuto, Dino Ivankovic, outlined how these subscription-based NFTs may expand into a separate ecosystem.
These subscription NFTs may also be exchanged on cryptocurrency exchanges, fostering the development of a secondary market for these kinds of NFTs. The former user's digital debit card would be terminated once ownership of the NFT changes, and a new debit card would be issued to the new owner.
Through its NFT solutions, Revuto intends to expand the number of subscription-based services it offers while ending unauthorized subscription fees.
Due to the prolonged negative dominance in the market, the NFT market has had a consistent fall in trading volume over the past several months, but the innovation market has continued to experience new growth in the sector. Facebook's parent company, Meta, recently declared that NFTs will soon be available across its social network sites.
Starting with digital collectibles and subsequently spreading to GameFi and metaverse ecosystems, NFTs became popular at the bull market top in 2021. As of Friday, the NFTs had an impact on a number of businesses, including those related to art, music, advertising, tickets, real estate, and a lot more.
