The decentralized economy, popularly referred to as Web 3.0, has rapidly grown over the past decade. What started with Bitcoin as the only digital asset has now ballooned into a trillion-dollar market, featuring niche innovations such as Decentralized Finance (DeFi) and Non-fungible tokens (NFTs). The latter is currently the talk of the crypto community following the successful debut of several NFT collections last year.
So, what is the big deal about NFTs? At the core, NFTs present a fundamental utility in revolutionizing traditional industries, given their ability to represent real-world products and services on the blockchain. In other words, these unique digital tokens are paving the way for global consumers to exchange off-chain assets through decentralized market ecosystems. A significant boost to existing industries such as gaming, art, and the subscription economy.
While most of the focus in Web 3.0 has been in the gaming and art industries, we are now seeing a gradual pivot towards other potential sectors. Most notably, Revuto (a leading subscription management app) recently launched an NFT collection, ‘Revulution NFTs’, to enhance the utility of subscription services such as Netflix and Spotify. The limited-edition contains 10,000 indistinguishable NFTs, allowing Revuto’s users to enjoy lifelong digital subscriptions to the platforms mentioned above.
Revulution NFTs and the Web 3.0 Economy
As mentioned in the introduction, decentralized market ecosystems are proving reliable in transferring value from one user to another. The Revulution NFT collection has been designed to serve a similar purpose in the $275 billion subscription economy; according to an introductory medium blog post by Revuto, this NFT collection will enable Netflix and Spotify users to sell their remaining subscriptions, should they choose to opt-out before expiry.
How exactly does this type of subscription work? Contrary to the existing subscription packages, Revuto will allow users to purchase lifelong digital subscriptions through Revulution NFTs. Simply put, the NFTs underlying value is the remaining subscription period to a particular service. As such, it is possible to buy or sell a Revulution NFT throughout its lifetime, reducing the wastage in unused subscription payments.
“If they are not using the service, the users can get their money back or even profit from selling the NFTs. We wish to enable everyone to manage their subscriptions efficiently and, eventually, to make the digital subscription market fairer and more equitable”, echoed Revuto’s Co-Founder and CEO Vedran Vukman.
One might wonder how the subscription service will be topped up once the NFT changes ownership. Well, it is pretty straightforward, Revuto will provide a Virtual Debit Card (VDC), which they will use to top up the subscription service. Should the NFT ownership change, Revuto will issue a new VDC to the new user, enabling them to access the remaining subscription period.
With the subscription economy projected to hit $1.5 billion by 2025, the Revulution NFTs are just the tip of the iceberg. Revuto plans to scale its NFT subscription service to other platforms, alongside featured discounts for its 350,000 active user community. This initiative will not only merge the subscription economy with decentralized markets but create an opportunity for consumers to maximize the utility of their subscription payments.
We are currently living in the digital age, an era where products and services can be purchased through online platforms. However, there is still a significant challenge in minimizing waste due to the lack of global market structures. In most instances, consumers have to rely on local markets, which have yet to catch up with technological innovations.
That does not have to be the case anymore; the launch of NFT collections such as Revulution has completely changed the picture. This nascent crypto asset class will likely usher in the next phase of trading ecosystems, a world where consumers can realize long-term value from the unique products, including subscription services.