TL; DR
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Subscription companies can now use the ‘Subscription Token Protocol’ to: sell an NFT that grants access to their products/services for a limited period of time; and allow users to extend their subscription’s NFT utility by purchasing an extension.
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For the broader mission of cryptocurrency and blockchain technology, subscription payments are a big deal!
Full story
The year is 2032.
You sit on the couch, dazzled from head to toe Juicy couture sweats (JC made a comeback, baaaby!)…
You haven’t paid for your Netflix subscription, so you call your mom and ask her to send you her subscription NFT.
☝️ What’s wrong with that image?
If you answered: Juicy Couture will never make a comeback, and there is no such thing as an NFT subscription – you’re wrong on both counts!
Juicy Couture has already made a comeback in 2023 (ask Chevy, he’ll tell you!), and subscription NFTs are now a thing.
This is how the latter works:
Subscription companies can now use the ‘Subscription Token Protocol’ to…
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Sell an NFT that grants access to their products/services for a certain period of time.
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Allow users to extend their subscription to the NFT tool by purchasing an extension.
Is it groundbreaking? Absolutely not.
We already have a pretty robust method for 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 the current system – a network that is not owned or controlled by any one person, group, entity or government.
And recreating a ‘system outside the system’ means subscription payments!