Do you ever feel that you are flooded by subscriptions that you can’t seem to keep track of? Has a long subscription period turned you away from trying out a product or service?
With our app, Terrarium, you can view all of your subscriptions at a glance and trade away any unused subscriptions.
How it works is that subscriptions to softwares and services will be tokenised on the Spectrum blockchain and Terrarium will have an in-built crypto wallet to allow trading of these tokens. Through the wallet, Terrarium will also display a list of your current subscriptions and their remaining periods.
Tackling Subscription Stress
47% of U.S. consumers are frustrated by the growing number of subscriptions and services that they need to piece together to watch what they want (Deloitte Digital Media Trends Survey 13th Edition)
With many subscription-based services, consumers are likely to face subscription fatigue – a situation where customers get tired from signing up for an increasing number of subscription services.
Britons waste a collective £25 billion each year paying for subscriptions they don’t use or want (NatWest Group)
Users may only want to use a service for a short period when some services only offer long periods of subscription options. Users may also find that they do not need that long of a subscription period after using some services and regret their purchase.
With Terrarium, we hope to ease the subscription stress by offering a platform where users can manage their subscriptions effectively and trade away unused subscriptions.
Estimated Total Addressable Market (TAM), Serviceable Addressable Market (SAM), and Serviceable Obtainable Market (SOM) in SGD:
Our First Step
Our first step will be to deploy Terrarium in a local university as a minimum viable product, where we will be contextualising our app as a membership management solution for school clubs.
Current Club Membership System
An annual membership fee has to be paid to join interest clubs in school, and this may deter some students from joining clubs as they are unsure if they can stay committed to the club for one whole year.
Some may only realise that the club is not for them after participating in club activities for a while and choose to stop attending club activities altogether.
Terrarium offers a platform where students will be able to sell away their remaining membership periods to other students and view the clubs that they are currently in on the app.
Club memberships will be represented by tradable non-fungible tokens on Spectrum that will be burned at the end of the academic year.
Possible Future Developments
After successful deployment of our minimum viable product, we can reach out to businesses that provide:
- Gym memberships
- Telco subscriptions
- Music streaming subscriptions
- Video streaming subscriptions
- Subscription based apps
We could also implement this idea in the Smartmesh Architecture by tokenising subscriptions to:
- music artists on the ND RefleX Music platform
- parallel computing in MeshBoxes
- decentralised storage in MeshBoxes by integrating the solution in Tahoe LAFS
Lim Xiong Jie | 2nd year accountancy undergraduate studying in NTU
An Open minded individual who is curious about the world.
Tan Si Ying | 2nd year accountancy undergraduate studying in NTU
A Dedicated individual who is willing to step out of her comfort zone.