In this current digital epoch, everything is becoming increasingly decentralized. Therefore, it is no surprise that NFTs are taking the subscription model to the next level - NFT Subscriptions. Now, let us understand how NFT-based subscriptions modify the subscription model and why they are essential in Web 3.
NFTs’ Role In Web 3
In Web3, NFTs represent ownership of digital assets, such as art or music. They are exceptional and are traded in a decentralized marketplace. NFTs work on a blockchain which allows transparency and immutability, meaning that ownership of an NFT cannot be disputed. This makes it an ideal tool for building communities and rewarding loyal customers.
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Traditional Subscription Models - The Lamentable Limitations
The traditional subscription model has limitations as the ownership of a subscription lies with the platform. This makes it static and illiquid, with no secondary market for users to sell or trade their subscriptions. It can lead to wasted subscriptions and missed revenue opportunities for the platform.
Get The Scoop Of NFT-based subscriptions - EIP-5643
NFT-based subscriptions require users to hold a specific NFT, which verifies their ownership and grants access to particular services, benefits, rewards, etc. These subscriptions can be tailored to specific communities, such as online clubs, Discord groups, or special events. By attaching scarce perks to NFT-based subscriptions, their value increases, creating a win-win situation for both the platform and the user.
Why Subscription NFTs?
Subscription NFTs allow for ownership and control to lie with the user. It makes these NFTs liquid assets that can be resold or combined with other subscriptions. This creates new revenue streams for the subscription-based platform, and the inclusion of royalty conditions can lead to further revenue opportunities.
NFT Subscriptions - The Flourishing Future
The use cases of NFT Subscriptions are prevalent, with performance-based subscriptions, airdrops, feature unlocks, and exclusives being just a few examples.
Performance-based subscriptions are leading the charge. It offers users an opportunity to unlock exclusive rewards and experiences based on their skills and performance.
Another way companies are using NFTs to enhance the subscription experience is through airdrops. Airdrops are a great way to keep subscribers engaged and happy, while also adding value to the NFT-based subscriptions.
Feature unlocks and exclusives are also gaining popularity. It offers subscribers access to premium features, early releases, and exclusive content.
As Web3 matures, the use cases for NFTs will become more interesting, and the possibilities for Subscription NFTs will be endless.
Thus, as we move to the future, it is clear that NFT-based subscriptions will play a critical role in shaping the subscription economy. The emergence of NFT-based subscriptions in Web3 is surely a game-changer for the traditional subscription model.
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