Many creators and brands rely on subscriptions to make a living. But traditional subscriptions are built on platforms that could change rates and policies at any time. Many experts say that turning subscriptions into a bearer asset is better for everyone.
NFT memberships will have a rapid shift and have a massive opportunity for web3 companies and communities.
Why NFTs are better than traditional subscriptions
- Creators and their communities own the NFT. Imagine that you’re a live streamer on Twitch. With traditional subscriptions, Twitch sets your subscription price and share of earnings. If Twitch decides to cut creator payouts, there’s no easy way for you to move your community to another platform. With NFT memberships, you own the NFTs with your community. No platform gets to dictate how you interact with your fans.
- Creators can personalise the NFT membership. With traditional subscriptions, the benefits and terms are often pre-set. On Twitch, for example, you can only offer perks like custom emotes to your paid subscribers. With NFT memberships, you can personalize your NFTs: look and feel; terms; benefits and so much more.
But it doesn’t mean NFT subscriptions don’t have their drawbacks, here are some:
- Traders could come into your community and snatch up all the NFTs without giving your real fans a chance to share in the upside at all.
- If things go well, your NFT collection will increase in value as your community grows. As a result, new fans might get priced out (not to mention the gas fees!).
