- It is important to note that each Netflix and Spotify NFT would be sold at a fixed price of $349.
- Through its NFT base solutions, Revuto seeks to come out with more subscription-based services and do away with unwanted ones.
Croatian Web3 subscription and ticketing solution provider Revuto has announced that it is offering lifetime membership for Netflix and Spotify using the Non-Fungible Tokens (NFTs) solution. According to the Web3 startup, this lifetime model subscription would be done through its Revolution NFT, and over 10,000 people would be eligible for this model. Dino Ivankovic, head of business development at Revuto explained that this initiative is meant to bring more control to the end-user.
We aim to bring more control to the end-user. NFT technology will allow users to monetize their unused subscriptions by sending or selling them to others who will be using them. Users might be able to even rent it in the future.
The limited-edition, 10,000 NFT drop would be launched on July 13. It is important to note that each Netflix and Spotify NFT would be sold at a fixed price of $349. It can be purchased via debit/credit card or through crypto. As long as users hold the NFT token, they can access free Netflix and Spotify services as the company would be adding funds to cover their subscription every month.
Revulution #NFTs are an opportunity that you don’t want to miss. 💪
We've got some amazing features coming out that will totally Revulutionize #subscriptions. 🚀
— Revuto (@get_revuto) June 27, 2022
How the Revuto NFT drop works
Users would be provided with a unique code to redeem the NFT on the Revuto app after the mint. From there, they would be getting Revuto Virtual Debit Card based on Mastercard to be added and used in the Netflix and Spotify accounts.
The report further explains that the subscription NFTs can be traded on crypto exchanges. This will expand the growth of secondary markets for this type of NFT. It was also explained that this would not be a problem when the NFT changes hands as the digital debit card of the old user would be canceled and then the new users would be provided with a new one. Through its NFT base solutions, Revuto seeks to come out with more subscription-based services and do away with unwanted ones.
According to the CEO and co-founder of Revuto, Vedran Vukman, this initiative was undertaken following feedback from their active and verified users.
Based on the feedback we received from our 350,000 active and verified users, we have decided to give the community exactly what they have asked for – a solution that guarantees a stable subscription fee, that they can share with their friends or family members in a simple and straightforward way. Moreover, in case they are not using the service, the users can simply get their money back or even profit from selling the NFTs.