This post by Gerelyn takes a quick look at AMC stock and how the company is joining forces the with the crypto community. Tim
The world of NFTs and superheroes has just collided for AMC stock investors. Adam Aron, CEO of the movie chain, has been engaging with the cryptocurrency community and taking advice from retail investors, leading to the launch of two sets of digital collectibles known as non-fungible tokens, or NFTs.
It started with Spider-Man: No Way Home, the AMC Stubs A-List Premiere for which offered free NFTs to the first 86,000 qualifying members. Not only did the movie deliver near historic one-day ticket sales — second only to “AVENGERS: ENDGAME in 2019” — but the NFT promotion is credited with having helped to attract so many customers for the upcoming Dec. 16 showing. Each of the Spider-Man NFTs was claimed, demonstrating demand not only for these emerging digital collectibles but Marvel movies as well.
NFTs have already taken the blockchain industry by storm. It is not unusual for these unique digital collectibles to have multi-million dollar price tags attached, payable in cryptocurrencies like Ethereum. In the case of AMC, the Spider-Man NFTs were offered at no charge, which is how CryptoPunks by Larva Labs, one of the hottest NFT projects around, got started.
These days, you can’t buy a CryptoPunk for under $318,000 at last check, or 72.99 ETH, while many of the prices for these unique NFTs are up into the millions. It remains to be seen whether AMC’s Spider-Man NFTs will experience similar success. In the meantime, AMC is seemingly just getting started with its NFT push. After targeting moviegoers, the theater chain is now focused on its investors.
AMC’s Aron learns quick. Once he witnessed robust demand for the superhero NFTs, the CEO announced the creation of yet another line of digital collectibles — the “I Own AMC” NFT. This NFT is more than just an image of a gold medallion, as apparently it “glimmers” and “moves,” showcasing the possibilities for developers and collectors alike. And like the Spider-Man collection, these NFTs will not cost an arm and a leg and are free to shareholders in AMC’s Investor Connect program.
While the NFTs might be free today, the Kansas City-based movie chain fully expects that one day, they will be worth more, saying in the announcement that the NFTs will be “tradeable and/or sellable,” with AMC potentially prepared to take a cut via a “small royalty.” The company could use all of the revenue streams it can muster as it continues to dig itself out from billions in debt and the effects of the pandemic-fueled lockdowns that caused AMC to temporarily shut down its theaters.
AMC has been riding the wave of its popularity this year, having attained meme-stock status among individual investors and AMC stock has soared in response, though it is off its best levels of 2021.
AMC has also embraced the crypto community by announcing support for leading coins including bitcoin and Ethereum as well as popular meme coins, such as Dogecoin and Shiba Inu. Moviegoers can use their crypto to make online payments for movie tickets and concessions.
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At the time of writing, neither Tim Thomas nor Timothy Thomas Limited hold positions in the cryptocurrencies mentioned.
This post was produced by Wealth of Geeks and syndicated by Tim Thomas / Timothy Thomas Limited.
Featured Image Credit: Unsplash.