‘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…

1. Sell an NFT that grants access to their products/services for a set amount of time.

2. 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!