Croatian-based Revuto announced the launch of its Revulution non-fungible tokens (NFTs) earlier this week, bringing a revolution to the subscription economy and kicking off a new secondary subscription market.
Additionally, the Revulution NFTs will allow a limited number of users to enjoy lifelong digital subscriptions to their favorite subscription services, starting with Netflix and Spotify.
According to the team statement released on Monday, a total of 10,000 interested users will be able to purchase a limited edition NFT on the website and have an opportunity for a lifetime subscription to Netflix and Spotify.
On the launch of Revulution NFTs, Vedran Vukman said:
“Moreover, in case users are not using the service, the users can simply get their money back or even profit from selling the NFTs. We wish to enable everyone to efficiently manage their subscriptions and, eventually, to make the digital subscription market fairer and more equitable.”
The platform allows any user to buy and trade Revulution NFTs directly from the Revuto website.
Once the user purchases the NFTs, Revuto will, in cooperation with Railsr (formerly Railsbank), provide the user with a digital debit card to pay for their Netflix or Spotify subscriptions.
At the start, however, only Revuto users in the UK and EU (excluding Germany, Austria, and Malta) will get a virtual Revuto debit card to use for their subscription services.
Simply explained, Revolution NFTs are “certificates of subscription ownership” in the form of NFTs. The innovation also allows users to transfer, sell, or loan out unused subscriptions to another person.
The owner of the NFT simply places it on the open secondary marketplace, in the case that they are no longer willing to use the subscription service. The buyer purchases the NFT and with it, they can subscribe to whatever subscription service they wish to.
In the future, users will also be able to loan their NFTs to earn a passive income, and/or use them as collateral for a loan with the launch of protocols that will enable this kind of feature on the Cardano network.
Once the user sells their NFT, Revuto will deactivate their digital debit card and provide the new user with a new virtual card to pay for their Netflix or Spotify subscriptions.
According to Josipa Majić, cofounder of Revuto, Netflix and Spotify subscriptions are the first to support Revuto’s virtual debit card with several services expected to be added in the near future.
Notwithstanding, the Revulution NFTs will provide discounts to users on their subscriptions, “coupled with the possibility of either gifting or selling them to other users”, he added.
“With such a unique approach, Revuto is introducing something completely new to the world of subscriptions, something that will enable the creation of an entirely new market of prepaid unused subscriptions,” Majić concluded.
Finally, the Revuto team is also offering referral cashback in REVU, the native currency on the platform, with users able to save up to 18% on their subscriptions.
Users can get 5% cashback in REVU if they share their referral code with anyone who uses it to buy a Revulution NFT. The end-user also gets 5% cashback in REVU.
Additionally, those who bring in users to buy a Revulution NFT with their referral code will get 6% of the end user’s cashback and protection fees.
If you are in possession of a special NFT, you will get 12-18% of the end user’s cashback and protection fees.
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