New megatrend?: Spotify and Netflix subscriptions as NFTs: How a Croatian start-up wants to revolutionize the digital subscription model | news

• Croatian app Revuto focuses on simplifying digital subscription management
• Subscription NFTs are intended to provide users with even more benefits than the app
• Revuto pays NFT owners’ Netflix and Spotify subscription fees

Revuto has built a customer base of 350,000 active users within a few months. Now the Croatian start-up wants to “revolutionize” nothing less than the digital subscription sector by launching the so-called Revulution NFTs. What exactly would such a revolution look like – and what are the concrete benefits for NFT owners?

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Confusing subscriptions create demand for a clear overview

Who doesn’t know: You’ve lost track of the dozens of subscriptions that you’ve taken out at one point, which eat away at your account balance in the long term. The monthly costs for Netflix, Spotify, Amazon Prime, Disney+ or Apple TV+ seem relatively cheap at first glance, but the monthly fixed costs continue to increase with each additional subscription. In addition, you often pay for services that you hardly ever use anymore.

The Croatian start-up Revuto has set itself the task of cleaning up this subscription chaos. The Revuto app displays an overview of all digital subscriptions for the respective user, who is also notified a week before the next upcoming payments. A particular advantage of the digital subscription management app is the possibility to either completely end this payment (and thus the subscription) or temporarily suspend it, which means that unnecessary payments can be avoided.

Subscription NFTs are designed to provide benefits to users

On July 11 at 12:00 CEST Revuto launched the first NFTs that allow holders to subscribe to two popular services, Netflix and Spotify. Subscriptions from other companies are planned. The first NFTs, limited to 10,000 and available for purchase on the company’s website, were priced at US$349.

Revuto’s CEO and co-founder, Vedran Vukam, sees many advantages to his project: “Based on the feedback we received from our 350,000 active and verified users, we decided to offer something no one has before – Revulution NFT , that is, a product , which guarantees a subscription to most popular streaming services in a way that Revuto covers the NFT owner’s monthly subscription costs as long as the user keeps NFT in the Revuto app,” explains Vukam. “More interestingly, if users decide to stop using the subscription, they can get back the money invested in the NFT or even make money by selling the NFT to another user,” as reported by Börse-Express, the Revuto boss was quoted as saying.

How NFT holders pay for subscriptions

But how specifically are NFT owners paid for their Netflix and Spotify subscriptions? In addition to NFT, owners will receive a digital digital payment card that they can use to pay for the two providers’ subscription fees at Revuto’s expense. The owners of the NFTs are not required to be loyal to them for life, rather the NFTs can be freely sold, with the credit card being transferred to the new NFT owner. The question here, however, is how much the newly interested are willing to pay for NFT. If the model fails, first-time buyers may be left with their NFTs or have to sell them for a small fee. However, if Revuto’s project succeeds, future subscription NFTs could cost many times more than the initial issue price of $349.

Dino Ivankovic, director of business development at Revuto, is convinced that the NFT project will be a complete success. He regards the NFT-based subscription model as a new megatrend. “We want to give end users more control again. The NFT technology allows users to monetize their unused subscriptions by reselling them to others who can use them. In the future, these can even be rented,” Ivankovic explains to “Cointelegraph” . Another advantage: the subscription NFTs can also be traded on crypto markets, which represents an additional secondary market for this type of NFTs. In general, the developers praise the flexibility of the NFT subscriptions, which the “normal” digital subscriptions do not offer in their entirety.

Crypto winter is also causing a cooldown in NFT trading

The crypto sector experienced an extremely weak first half of the year, with major cryptocurrencies such as Bitcoin, Ether, Cardano, Dogecoin and Solana all losing more than half of their value. The total market capitalization of all cyber currencies combined has temporarily fallen below the billion mark, according to data from “Coinmarketcap”. This crypto winter also affects the sale of NFTs, which are related to digital currencies, as the NFTs are also logged on a blockchain and are purchased using Ether. Therefore, the NFT market collapsed in the first half of the year, so the hype seems to be over for the time being.

In addition, NFT innovations are promoted

Nevertheless, the dynamism and innovative spirit of the NFT sector has not decreased, writes “Cointelegraph”. Meanwhile, NFT innovations have spread to different areas such as gaming, sports, music, real estate or ticketing. Meta recently announced that NFTs would be published on Facebook for the first time. This feature already exists on Instagram. adidas is also getting more and more involved: the Franconian DAX company has recently become a sponsor of the English NFT football club Crawley Town FC, which wants to move up in the English Premier League with the help of crypto enthusiasts. However, the future must show which NFT projects can also be established in the longer term – and what role the sector will play in general.

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