Unlock Launches Recurring-Billing NFT for Subscriptions

Announcements, Innovation, News | May 17, 2022 By:

Unlock, the NFT-based protocol enabling creators and their communities to form direct relationships online, has launched the first of its kind recurring billing tool for NFT subscriptions.

Unlock is building the web’s new business model by enabling new ways for creators to monetize their content through a decentralized, access control system. Unlock’s solution is an open source, Ethereum-based protocol that streamlines membership benefits for online communities by giving creators control over subscription and access to their content, without any middlemen. The Unlock Protocol can be applied to publishing (paywalls), newsletters, software licenses or even the physical world, such as with transportation systems.

The new mechanism is an upgrade to the Unlock Protocol. According to the company, their goal is to replace legacy subscription systems that have proven broken for content distributors like Netflix – who blamed their recent earnings on password sharing.

The company believes that subscription based NFT’s have the potential to resolve many of these challenges for both content creators and distributors, because they are unique to each user and provide a layer of transparency into membership, giving creators control back over their business models.

“From news to music to shows, there are many good reasons why subscriptions have become the default business model. But having a handful of Big Tech platforms acting as middlemen and locking in creators and their audiences is far from ideal,” said Unlock Founder & CEO Julien Genestoux. “That’s why we’re launching NFT-based subscriptions. Now creators using Unlock can exercise full control to flexibly monetize their content in the ways that best suit them and their communities.”