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1) NFTs have a lot of really cool use cases that are being explored but my favorite is usage as a subscription token.
Time for a thread on why I believe NFTs will replace the traditional subscription models and tap into a $240 billion dollar subscription economy.
Time for a thread on why I believe NFTs will replace the traditional subscription models and tap into a $240 billion dollar subscription economy.
2) One of the main issues with traditional subscription models is the issue of security holes. When you subscribe to a service you have to provide your name, your home address, and your credit/debit card.
That’s a lot of information that could fall into the wrong hands.
That’s a lot of information that could fall into the wrong hands.
3) NFTs solve this problem by never containing any personal data, rather you simply purchase the token with an anonymous wallet and interact with a token gate to get access. The token gate checks your wallet, scans if you own the NFT in your wallet, and boom you’re in.
4) Another issue in the traditional subscription model is that there is a lack of methods to show appreciation to customers.
In the traditional subscription model the user signs up, pays monthly or yearly, and simply gets money drained from their bank account for a service.
In the traditional subscription model the user signs up, pays monthly or yearly, and simply gets money drained from their bank account for a service.
5) But with NFTs, companies can offer their subscribers more value in the form of a digital collectible. It would let companies reward their subscriber at any time just by airdropping tokens to their wallet as a kind gesture for being a subscriber. https://rarible.medium.com/rari-airdrop-to-nft-holders-everything-you-need-to-know-7e06072fac97
6) That digital collectible could end up being worth more than the initial sale value depending on scarcity, art design, & even the success of the company itself
So if the company grows, the value of your subscription token grows
Now you have ownership in the companies growth
So if the company grows, the value of your subscription token grows
Now you have ownership in the companies growth
7) You could even get a physical case and screen to show off your Digital collectible.
@beeple was one of the first to do this!
That same piece of digital art can serve as a subscription token while sitting perfectly on your mantle!
@beeple was one of the first to do this!
That same piece of digital art can serve as a subscription token while sitting perfectly on your mantle!
8) Accepting payment via Subscription tokens also helps with the confusion of sales tax laws that vary country to country.
Different Sales Tax laws on subscriptions make it confusing for companies using subscriptions for payments if they have customers all over the world.
Different Sales Tax laws on subscriptions make it confusing for companies using subscriptions for payments if they have customers all over the world.
All in all I think we can clearly see that NFTs will and should replace traditional subscription models.
If you’re interested in seeing what we’re doing to innovate in this area then check out @NFTYLab
https://twitter.com/nftylab/status/1347608280894304257
If you’re interested in seeing what we’re doing to innovate in this area then check out @NFTYLab
https://twitter.com/nftylab/status/1347608280894304257
