Access Transferable Subscription Launch
Access is proud to launch Transferable subscriptions, the final element of the Access v2 upgrade.
This article will provide a high level overview of Tranferable Subscriptions, how they work, and why they are important for the ecosystem.
To develop a technical understanding of how Transferable Subscriptions work under the hood please refer to our recent post Transferable Subscriptions in Access Protocol V2.
Transferable subscriptions will be live on the Access Content Hub on Tuesday May 28th.
What are Transferable Subscriptions
Transferable Subscriptions are a new way to interact with creators on Access protocol. They introduce compressed NFTs as a vehicle to create, buy, sell, and transfer Access subscriptions (Staked ACS).
Why use cNFTs?
By tying a stake account to a compressed NFT, users can create, acquire, gift, and resell subscriptions with ease, all while a creator continues to be rewarded for their services.
Transferable subscriptions are dynamic in the sense that the underlying stake account associated with each subscription can change over time as users make changes to their subscriptions.
“How much ACS is staked in this subscription” or “When was the last time rewards were claimed from this subscription” are important questions that need to be answered in real time, at scale. cNFTs are the most effective vehicle when it comes to both the creation of the asset and updating of underlying metadata (amount of ACS staked, last reward claim, etc).
Transferable subscriptions introduce a new level of composability to Access Protocol, enabling a number of use cases and massively reducing user friction.
Some example’s include:
- Swapping from SOL / 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’ (more details below)
The different types of Transferable Subscriptions
Transferable subscriptions come in two forms. Redeemable Subscriptions and Forever Subscriptions.
Redeemable Subscriptions
As the title says, these are redeemable for the amount of ACS locked in them, meaning users can purchase a subscription on secondary and exchange it for the underlying ACS.
Redeemable Subscriptions are reward baring, meaning the holder of the NFT can claim all associated Daily ACS Rewards tied to NFT.
They are identified visually as cNFT’s with cornflower blue tint.
Forever Subscriptions
With forever subscriptions, the underlying ACS is burned from circulation. The Forever Subscription is still transferable, granting rights to the creator’s product or services, however the underlying ACS within the subscription is not redeemable.
Transferable subscriptions are reward baring, meaning the holder of the NFT can claim all associated Daily ACS Rewards tied to NFT.
They are identified visually as cNFTs with charcoal tint.
Reward baring Subscriptions
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. This means that subscriptions can be transferred from one user to another while having unclaimed rewards within it.
The metadata within a Transferable Subscriptions help users understand the underlying details of the associated stake account, including:
- What creator the subscription is tied to
- Amount of ACS locked
- The last date daily ACS rewards were claimed
- The type of subscription
Any updates of the underlying metadata for each subscription are reflected immediately at hub.accessprotocol.co. In order to update them within wallet providers a user must conduct an on-chain action (transferring) related to the cNFT.
A Deeper Look at Metadata
In the example below we can see 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’s ‘Alpha Product’.
If they so choose, they could redeem the cNFT for the underlying 19,600 ACS along with the unclaimed rewards, ultimately cancelling the subscription.
Understanding the different attributes (Metadata)
The unique attributes (metadata) of each NFT help you understand the key on-chain values within each subscription.
The key categories are:
Amount: The amount of ACS staked in the subscription (always a number value)
Last Reward Claim: The date in which rewards associated with this subscription were last claimed. The further away the last reward claim date is, the more ACS is available in the subscription!
Creator Pool Name: The pool in which the ACS is staked. The holder of this subscription receives that creator’s product or service offering.
Subscription Type: The form of subscription this NFT represents (Redeemable or Forever).
From today onwards, all new subscriptions created on Access will come in a ‘transferable’ format, meaning you will receive an cNFT representing your stake account for every subscription.
Be sure not to burn these NFTs or you will lose access to your subscription and the underlying ACS!
How to get started
Creating a transferable subscription
- Visit hub.accessprotocol.co
- Select a creator you would like to subscribe to
3. Click the Subscribe button on the creator page
4. Enter the amount of ACS you would like to subscribe with and press continue
5. Confirm your transaction and enjoy your subscription!
Topping up a transferable subscription
You now have an active subscription and would like to add more ACS to it!
- Visit the creators page and select manage subscription
2. Select ‘Top up’ and determine the amount you would like to add to your subscription
3. Press continue and confirm the transaction with your wallet. Enjoy your subscription!
Creating a forever subscription
You’ve found a creator you love and want to support them even further by creating a forever subscription.
Follow the same steps above. When prompted to select your subscription type, toggle the “forever button” shown below.
To get started go to hub.accessprotocol.co and subscribe on a creator’s page today!
Redeeming / Cancelling a subscription
- Visit the creator page relevant with you subscription and select ‘manage subscription’
2. Select the subscription you want to manage
3. Select the ‘withdraw’ button and press ‘continue’ to cancel the subscription and withdraw the ACS associated with it
Stay tuned for the coming launch of Transferable Subscriptions on May 28th! Keep an eye out for coming partnerships and giveaways, including our work with Tensor, the go to market for secondary sales of Transferable Subscriptions.
