A Croatian startup wants to revolutionize the digital subscription model: Spotify and Netflix subscriptions as NFT? | 07/26/22

• Croatian app Revuto focuses on simplifying digital subscription management
• Subscription NFTs aim to provide users with more benefits from the app
• Revuto pays Netflix and Spotify subscription fees for NFT owners

Revuto has managed to build a customer base of 350,000 active users in just a few months. The Croatian startup now wants to “revolutionize” the digital subscription sector by launching so-called Revulution NFTs. What exactly would such a revolution look like – and what are the tangible advantages for NFT owners?

Confusing subscriptions increase the demand for a clear overview

Who doesn’t know: I’ve lost track of dozens of subscriptions I’ve taken out at some point that are eating away at the account balance in the long run. The monthly costs for Netflix, Spotify, Amazon Prime, Disney + or Apple TV + seem relatively cheap at first glance, but the fixed monthly costs continue to rise with each additional subscription. In addition, you often pay for services that you rarely use anymore.

Croatian startup Revuto has set the task of removing this subscription clutter. The Revuto app displays an overview of all digital subscriptions to the respective user, who is also notified a week before the upcoming upcoming payments. A special advantage of the digital subscription management application is the possibility of this entire payment (and thus the subscription) being terminated or temporarily suspended, which means that unnecessary payments can be avoided.

Subscription NFTs are designed to bring benefits to users

On July 11 at 12 noon CET, Revuto launched its first NFTs, allowing its owners to subscribe to two great services, Netflix and Spotify. Subscriptions from other companies are planned. The first NFTs, which are limited to 10,000 and available for purchase on the company’s website, are priced at $349.

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Revuto CEO and co-founder Vedran Vukam sees many advantages in his project: “Based on the feedback we received from 350,000 active and verified users, we decided to offer something that no one else has – Revulution NFT means a product that guarantees Vukam that subscribing to streaming services Most commonly in such a way that Revuto covers the monthly subscription cost of the NFT owner as long as the user maintains the NFT in the Revuto app. “Most interestingly, if users decide to stop using the subscription, they can get back the money invested in the NFT or even make money by selling the NFT to another user,” Börse-Express reported, citing the head of Revuto.

How NFT owners pay for subscriptions

But how specifically do NFT owners pay for Netflix and Spotify subscriptions? In addition to the NFT, owners will receive a digital digital debit card that they can use to pay providers’ subscription fees at Revuto’s expense. NFT owners are not obligated to be loyal to them for life, rather NFTs can be freely resold, with credit card transferred to the new NFT owner. However, the question here is how much newly interested people are willing to pay for NFT. If the model fails, first-time buyers can be left with NFTs or have to sell them for a small fee. However, if the Revuto project is successful, future subscription NFTs could cost several times more than the initial issue price of $349.

Dino Ivankovic, Director of Business Development at Revuto, is convinced that the NFT project will be a complete success. The NFT-based subscription model is a new trend. “We want to give end users more control again,” Ivankovic told Cointelegraph. “NFT technology allows users to monetize their unused subscriptions by reselling them to others who can use them. In the future, they can be rented.” Another advantage: NFTs can also be traded for subscription to crypto markets, which are an additional secondary market for this type of NFTs. In general, the developers praise the flexibility of NFT subscriptions, which “regular” digital subscriptions do not provide in their entirety.

Crypto winter is also causing a slowdown in NFT trading

The cryptocurrency sector experienced severe weakness in the first half of the year, with cryptocurrencies such as Bitcoin, Ether, Cardano, Dogecoin and Solana losing more than half their value. The total market capitalization of all cryptocurrencies combined has temporarily fallen below the one billion mark, according to data from Coinmarketcap. This crypto winter is also affecting the sale of NFTs, which are linked to digital currencies, as NFTs are also registered on the blockchain and purchased with Ether. That’s why the NFT market collapsed in the first half of the year, so it looks like the hype is over for now.

Furthermore, NFT’s innovations are promoted

However, the dynamism and innovative spirit of the NFT sector has not diminished, Cointelegraph wrote. Meanwhile, NFT innovations have spread to different areas such as gaming, sports, music, real estate or ticketing. Meta recently announced that NFTs will be published on Facebook for the first time. This feature is already on Instagram. Adidas has also become increasingly involved: Franconian DAX has recently become a sponsor of English football club NFT Crawley Town FC, which wants to advance to the Premier League with the help of crypto enthusiasts. However, the future should clarify which NFT projects can also be created in the long term – and what role the sector will play in general.

Editorial office finanzen.ch

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