Home Business Insights & Advice How Revuto’s Revulution NFTs will set the stage in the subscription economy

How Revuto’s Revulution NFTs will set the stage in the subscription economy

by John Saunders
13th Jul 22 9:00 am

The world is fast evolving from centralised market infrastructures to decentralised ecosystems where users can access global markets through permissionless platforms, or otherwise known as Decentralised Finance (DeFi) protocols. With barely half a decade in existence, the DeFi market has grown to over $75 billion in total value locked (TVL), although it had hit $250 billion at the peak of the crypto bull market in November 2021.

While most of DeFi applications currently fall within the financial services scope, there has been a gradual pivot to other sectors, most notably the creative industry. Today, it is possible for a digital artist to sell their work through decentralised marketplaces as was the case for Beeple’s collection, which sold for $69 million at a Christie’s auction. More interestingly, the DeFi effect is now trickling down to the emerging subscription economy.

According to the latest market analysis, the digital subscription market is projected to grow to $904.28 billion by 2026 at a CAGR of 65.67%. However, it still faces a major limitation, given that most of the existing subscription products can only be accessed through primary markets. Simply put, consumers on platforms like Netflix and Spotify have nowhere to sell their unused subscriptions.

Revulution NFTs: Decentralising the subscription economy

Non-fungible tokens (NFTs) are currently the talk of the crypto community, this new crypto asset class took the industry by a storm in 2021, recording close to $25 million in sales. Could they be the solution to integrating the subscription economy with decentralised markets? After all, they have yielded much success in the gaming and art sectors. That brings us to the latest NFT collection in town; Revuto’s Revulution NFTs.

First launched on July 11, this unique collection comprises 10,000 indistinguishable NFTs that will enable the owners to purchase lifetime subscription services to Netflix and Spotify. Contrary to normal packages where internet natives have to use their subscriptions until expiry, Revulution NFTs will provide an access to decentralised markets. This means that one can sell their remaining subscription to another interested user instead of holding on to it.

To make this possible, Revuto noted that they will issue a Virtual Debit Card (VDC) directly linked to the NFT subscription. This VDC will be used by Revuto to make top ups to the underlying subscription, as long as it is still active. As for the decentralised/secondary market, Revulution NFT owners can sell them, upon which Revuto will issue a new VDC to the new NFT holder, and continue topping it up until the subscription period expires.

“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.” said Revuto’s Co-Founder and CEO Vedran Vukman.

He went on to add that the Revulution NFT collection will be fundamental in providing users with a profitable way to dispose of their unused subscriptions. Looking at these developments, it is quite evident that decentralised market infrastructures supported by NFT technology will undoubtedly transform how today’s internet users view subscription services. Not only will they be able to sell their remaining subscriptions but acquire lifelong subscriptions if they wish to do so.

Closing thoughts

Decentralised markets may be facing some opposition from traditional finance die-hards but it is hard to ignore the value position in the larger financial ecosystem. As highlighted in this article, the paradigm shift is now happening across the board; from finance, art, gaming and now subscription services. Could this be the future of the consumer economy? Though a little bit early for a certain prediction, it is no-brainer that tomorrow’s global market will likely be built on decentralised ecosystems.

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