Croatian startup Revuto has announced its debut NFT collection, Revulution NFT, which enables owners to gain a lifetime subscription to Netflix or Spotify.
The launch takes place at 12pm CET on July 11, when 10,000 Revulution NFTs will go on sale on Revuto’s website.
Users will be able to pay for the NFTs with a credit card, debit card, or cryptocurrency at the price of $349 USD.
The NFT subscription will give a strong sense of ownership to the holder, who will be able to keep their subscription for as long as they desire.
Once finished with the subscription, they will be able to sell the NFT on a secondary exchange or even use it as a gift.
CEO and co-founder of Revuto Vedran Vukman said: “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.”
“Moreover, in case they 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.”
Revuto already has attracted over 350,000 registered users after introducing its ground-breaking subscription model last year.
The concept revolves around giving more control to the subscriber over how they manage their payments.
Indeed, subscribers can ‘block’, ‘snooze’ or ‘approve’ payments in the current system and now Revuto is aiming to revolutionise the NFT space.
How does it work?
After purchasing the NFT, Revuto will provide the user with a digital debit card to pay for their Netflix or Spotify subscriptions.
Furthermore, a Revulution NFT enables trading at the crypto exchanges, thus opening a new secondary market for digital subscriptions.
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.
Josipa Majić, cofounder of Revuto added: “Our Revulution NFT for Netflix or Spotify is just the start, and also an introduction to the subscription NFTs that people will be able to use to pay for any subscription in the world, for however long they want.”
“I am immensely proud of the team behind this project, and we are all looking forward to everything that is coming in the future. We are confident the market and existing user base will once again react positively to what we have done.”
Additionally, owners will get discounts when selecting their subscriptions, coupled with the option of either gifting or selling them to others.
Revuto developed its subscription app in 2021 and raised $10 million in its first ever token sale on the blockchain platform Cardano.
Thus far, it has received three million early sign-ups for the app and over 350,000 active users are currently enjoying the service.