NFTs as memberships is starting to hit PMF (like Syndicate’s Collectives, Unlock, etc) but NFT secondary market volume/revenue has declined substantially. Recurring revenue is now important in a non-📈 market to support operations for DAOs, NFT projects, social clubs, etc. Nouns is one recurring revenue model with its daily auctions.

Subscription NFTs are another model and we’re seeing early examples from Mirror’s subscriptions, Diagonal Finance and others.

Let’s see how it works:

A user stakes $200 USDC into the protocol which earns them passthrough yield from Aave. They then can mint subscription NFTs for various services like token-gated discords, a crypto newsletter, or an API’s premium tier. In real-time, the capital is steamed to the subscription services they’ve signed up for. If they run out of money, there’s a grace period and then their NFT is burned by the protocol and the service is no longer accessible. The user can cancel anytime by burning their NFT or reselling it on a secondary market. SaaS for crypto. The protocol earns a % fee on Aave yield (10-50%) and possibly a fee on NFT burning.

Web3 Pitches (W3P) are short product write-ups that describe an emerging problem or opportunity in the Web3 space and proposes a minimal-viable solution that could be tested and iterated with users. The pitches are presented in screenshot essay form, which is meant to be short enough to be consumed on one page of a mobile screen. :-)