AMC theatres have given out free NFTs to about 580,000 shareholders. This isn’t the theatre’s first move in the blockchain industry as it started accepting cryptocurrency for movie tickets last year.
Since the first meme stock frenzy that drove its share price soaring about this time last year, movie theatre chain AMC has been gradually leaning into the world of cryptocurrency. The corporation has now delivered on its pledge to provide NFT collectibles to stockholders.
More than 580,000 shareholders registered via AMC’s Investor Connect portal by the December 31 deadline received exclusive “I Own AMC” NFTs today. WAX, a platform developed for high-volume applications such as huge NFT drops and video games, was used to create the NFTs.
WAX was previously used by AMC for their recent collaboration with Sony Pictures, in which the two firms gave 86,000 NFTs to consumers who purchased tickets to the film “Spider-Man: No Way Home.” Mattel, Hasbro, Funko, and Atari are among the brands that have used the WAX platform for NFT collectibles.
The NFTs will be tradeable, according to AMC’s message to investors, but they will also deliver rewards to holders, such as potential discounts and “other incentives.”
An NFT is a digital property that works as a deed of ownership, such as collectibles, artwork, video files, and more. According to DappRadar statistics, the NFT market grew dramatically in 2021, generating $23 billion in trade volume.
AMC theatre accepts Dogecoin
Last year, the movie theatre chain announced plans to accept cryptocurrency payments for a limited number of coins, including Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. Following a social media push from fans and investors, it later introduced support for Dogecoin.
AMC CEO Adam Aron said in November, before launching Dogecoin payments, that cryptocurrency accounted for 14 percent of the company’s online payments. Shiba Inu, a popular Doge-inspired meme token, will also be supported by AMC.
AMC token
AMC has considered developing its own cryptocurrency or token in addition to accepting cryptocurrency payments and issuing its own NFTs to shareholders.
In October, Aron told CNBC that “there are a number of reasons why AMC might be a successful issuer of cryptocurrency as well as a redeemer of cryptocurrency.” “That’s just one of a half-dozen ideas we’re experimenting with right now.”
