‘NFTs as Subscriptions’ Is a Thing Now
TL;DR
Subscription businesses can now use the 'Subscription Token Protocol' to: Sell an NFT that grants access to their products/services for a set amount of time; and allow users to extend their subscription NFT's utility, by purchasing an extension.
For the broader mission of cryptocurrency and blockchain technology - subscription payments are a big deal!
Full Story
The year is 2032.
You're sitting on your couch, dressed head to toe in bedazzled Juicy Couture sweats (JC made a comeback, baaaby!)...
You haven't paid your Netflix subscription, so you call your mom and ask her to send you her subscription NFT.
☝️ What's wrong with that depiction?
If you answered: Juicy Couture will never make a comeback, and there's no such thing as a subscription NFT - you're wrong on both counts!
Juicy Couture has already made a comeback in 2023 (ask Chevy, he'll tell ya!), and subscription NFTs are a thing now.
Here's how the latter works:
Subscription businesses can now use the 'Subscription Token Protocol' to...
Sell an NFT that grants access to their products/services for a set amount of time.
Allow users to extend their subscription NFT's utility, by purchasing an extension.
Is it ground breaking? Absolutely not.
We already have a pretty robust method of charging for subscriptions outside of the crypto space (anyone with a Stripe account can do it).
But for the broader mission of cryptocurrency and blockchain technology - subscription payments are a big deal!
'Crypto' as we know it today, is an attempt to create a banking and payments network, that exists outside of the current system - one that isn't owned or controlled by any one person, group, entity, or government.
And recreating a 'system outside of the system,' means having subscription payments!