Web3 subscription and ticketing solution provider Revuto reportedly revealed details of a new service utilizing NFTs to support a novel subscription model for Netflix and Spotify. 

Specifically, Revuto reportedly revealed its plan to provide a lifetime digital subscription for Netflix and Spotify through its Revolution NFT. An overall figure of 10,000 users possessed the sufficient qualifications to acquire the unique subscription model. 

Dino Ivankovic, head of business development at Revuto preovided extra explanation regarding the way these subscription-based NFTs could turn into an ecosystem of their own.

“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.”

These subscription NFTs are available for trading on crypto exchanges also, enabling the developement for a secondary market for these types of NFTs. As soon as the NFT belongs to the new owners, the old ones’ digital debit card would get canceled and the new owner would be provided with a fresh debit card. 

Revuto has plans down the pipeline to roll out extra subscription-based services via its NFT solutions and put an end to unwanted subscription charges. 

Although the NFT market has witnessed a constant decrease in terms of trading volume throughout the last months, due to to the current bearish movements throughout the market, the innovation continues to see new growth in the sector. 

Meta, Facebook’s parent firm, recently disclosed details of a new initiative to release NFTs soon on its social media platforms.