Croatia-Based Firm Offers Spotify and Netflix Membership Via NFTs
- NFTs are being adopted by various industries and have the potential to change many sectors with their varying use cases.
Revuto, a Croatian Web3 firm, showed the many use cases of non-fungible tokens (NFTs) after it announced that it had enabled a lifetime Netflix and Spotify subscription model via NFTs. Revuto, a Web3 ticketing solution provider, noted that users can now access lifelong digital subscriptions for Netflix and Spotify through its Revolution NFT. The Web3 platform noted that 10,000 users in total would be qualified to use the special subscription model. The firm believes these NFTs with subscription models might expand into a separate ecosystem.
Revuto intends to offer its userbase more flexibility through its new model. The Web3 subscription firm noted that this offering has earning potential as people will be able to make money by distributing or selling their unused memberships to people who would utilize them. The company also plans to integrate other features in the future such as lending NFTs to other users for monetary rewards.
Revuto plans to use its NFT subscription model to expand the number of subscription-based services it offers while ending unauthorized subscription fees. The NFT subscription plan is also tradeable on cryptocurrency exchanges and has the potential to develop into a separate market for these kinds of NFTs. Since the ownership of these NFTs is transferable, Revuto noted that each user would receive a different card signifying ownership. The debit card of the previous owner will be canceled and the new owner will receive a new debit card.
The Growing Use Cases of NFTs
Although NFTs are far from their highs of 2021, they remain a vital assert in the digital world. Trading volumes have reduced significantly due to the bear market, but NFTs continue to see new adoption in different sectors of the world. Global organizations and public figures have all made moves to join the NFT space, showing that NFTs are far from a one-time hit.
To most people, NFTs are limited to the JPEG images of the Bored Ape Yacht Club. Nevertheless, NFTs are useful in a variety of sectors, from gaming to fashion, music, ticketing, sports, metaverse, and supply chain management. NFTs have the potential to change the business model of these industries as it provides new revenue streams.
In the fashion industry, NFTs can be utilized as collectible items and as virtual clothes that people can wear while out with friends, having a good time, or going to a conference. NFTs are already in use by most of the top fashion brands. For example,
The luxury brand, Gucci, sold a digital-only bag for $4,115 on the metaverse platform, Roblox. Others such as Dolce & Gabbana have added NFT version of their clothing and have plans to explore the trend in the future. The list of how NFTs can change the world is endless and the growing adoption is also a positive sign for the entire crypto market.