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Access Protocol (accessprotocol.co) has just announced the launch of Transferable Subscriptions (tNFT for short), the final element of their Access V2 Upgrade! Let's take a look at what transferable subscriptions are, how they work, and why they are important!
Transferable Subscriptions on Access Protocol are a new way to interact with creators. They introduce compressed NFT (cNFT) as a vehicle to create, buy, sell, and transfer Access Protocol subscriptions (staked $ACS). Transferable subscriptions also introduce a new level of composability to Access Protocol, enabling a number of use cases and massively reducing user friction. Some examples include:
Swapping from SOL or USDC directly into a subscription. No need to acquire ACS or take a staking action.
Gifting of subscriptions.
Secondary sale of subscriptions.
Transferring of "Forever Subscriptions".
Reward-bearing cNFTs
In V1 of Access Protocol, a subscriber's daily ACS rewards accrue to the wallet address associated with a subscription. With Transferable subscriptions, daily ACS rewards accrue to the cNFT itself.
Two types of Transferable Subscriptions
Transferable subscriptions come in two flavors: Redeemable Subscriptions and Forever Subscriptions. Let's review each of them.
Redeemable Subscriptions
As the title says, these are redeemable for the amount of ACS locked in them, meaning users can purchase a subscription on the secondary market, and exchange it for the underlying ACS. An example of a Redeemable Subscription in your wallet can be seen on Fig.3.
Forever Subscriptions
With forever subscriptions, the underlying ACS is burned from circulation while still generating daily ACS rewards for the subscription holder. Forever Subscriptions are identified visually as cNFTs with charcoal tint, as seen on Fig.4.
Forever subscriptions are great for showing your loyalty to a creator while having the flexibility to sell the subscription on the secondary market. Transferable subscriptions are reward-bearing, meaning the holder of the NFT can claim all associated rewards tied to NFT. The metadata within a Transferable Subscriptions help users understand the underlying details of the associated stake account, including:
Amount of ACS locked.
Subscription type (Redeemable or Forever).
Creator that the subscription is tied to.
Last date when ACS rewards were claimed.
We can see on Fig.5 that this is a subscription to CryptoSlate for 19,600 ACS. This is a Redeemable Subscription, and the daily rewards have never been claimed from the subscription. If we sent this subscription to a friend, they would instantly have access to CryptoSlate "Alpha Product". If they so choose, they could redeem the cNFT for the underlying 19,600 ACS along with the unclaimed rewards, cancelling the subscription, and burning the cNFT with it.
From now onwards, all new subscriptions created on Access will be transferable, meaning you will receive an cNFT representing your stake account for every subscription.
Be sure to not burn these NFTs or you will lose access to your subscription and the underlying ACS!
