invezz.com
Revuto, one of the best-known Croatian digital startups, has introduced lifelong digital subscriptions to Spotify and Netflix via the Revulution NFT, Invezz learned from a press release. Starting July 11, a limited edition NFT will be available for sale to 10,000 interested users on Revuto’s website.
Revulution NFTs’ real world value
When you buy a one-year subscription to Netflix, but decide to cancel before it ends, Netflix will ask you to pay for the full year. It’s estimated that 50% of consumers pay for subscriptions they don’t use.
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Revulution NFTs create a secondary market where you can buy them at a discount with unused subscription periods. The NFT purchased should be worth more than the subscription period left so you can resell it. Then, the new owner can use the same subscription until the subscription period ends.
Vedran Vukman, CEO and cofounder of Revuto, 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.
How does it work?
In cooperation with banking provider Railsr (former Railsbank), Revuto will provide the user with a digital debit card to pay for their subscriptions. Moreover, the Revulution NFT allows crypto exchange trading, thereby creating a new digital subscription market.
After you sell your NFT, the platform will deactivate your digital debit card and issue you a new card to pay for your Spotify or Netflix subscriptions.
Josipa Majić, cofounder of Revuto, added:
By using this particular innovation, the users will get discounts when selecting their subscriptions, coupled with the possibility of either gifting or selling them to other users. 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.
The NFTs will be available for sale on Revuto’s website for $349, starting from 12 pm CET on July 11. Buyers can pay using crypto or credit or debit cards.
About Revuto
The Croatian digital startup raised $10 million in 2021. So far, three million early adopters have signed up for the app. The service has 350,000 active users.