AMC Stock Meets NFT Fever

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.

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.

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.

Shareholder NFTs

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.

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.”

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.

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