Revuto, a Web3 platform announced this week that they would let people subscribe to Spotify and Netflix via NFTs.
How will this work?
For starters, users would be able to buy the Revoloution NFTs minted by Revuto, which would register the user’s debit cards on Spotify and/or Netflix. This would also grant the users a lifetime membership of the platform.
What if you want to sign out?
Revuto claims that users would be able to buy or sell these NFTs on several NFT marketplaces and other websites. When the NFT is sold, a new debit card will be issued to the new owner, and the previous debit card will be cancelled on the Netflix/Spotify account.
Why lifetime memberships?
Dino Ikankovic, the director of business development at Revuto, told Business Today that NFTs in lieu of lifetime subscriptions would “empower users”. He also added, “These NFTs are called Revolution NFTs. Once someone purchases a lifetime subscription, they are free to use it anyway they choose, but they may also sell it on exchanges if they so choose. Those who do not utilise their Netflix and Spotify subscriptions could monetise them in this manner.” He further added, “This way, users can also rent their membership to others.”
What are NFTs?
In layman's terms, Non-Fungible Tokens or NFTs are unique and non-interchangeable units of data stored on the blockchain, which is a type of digital ledger. The owner of the NFT gets a proof of ownership certificate from the digital ledger. NFTs are usually associated with non-physical art but in reality, they have applications in fields like ticketing, supply chain management, citizen identity, domain names, and others.
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