AMC Entertainment, the company that operates the AMC Theaters chain, has entered the NFT (Non-Fungible Token) market. In a collaboration with Sony Pictures, they will be giving away 86,000 NFTs for the December 16 release of the movie “Spider-Man: No Way Home.” This giveaway is open to members of AMC Stubs Premiere, AMC Stubs A-List and AMC Investor Connect with advance purchase of tickets.
According to AMC CEO Adam Aron (via Twitter):
“This idea came from YOU! Partnering with @SonyPictures for #AMCFirstEverNFT. More than 100 unique Spider-Man NFTs, given FREE to the first 86,000 online buyers of U.S. AMC December 16 tickets for Spider-Man No Way Home. Only for Stubs Premiere, A-List & Investor Connect members.”
— Adam Aron (@CEOAdam) November 28, 2021
This is not the first time AMC has ventured into cryptocurrency. They are already accepting payments in cryptocurrency like Bitcoin (BTC) for movie tickets. NFTs are like the next step in their journey to the blockchain and metaverse. Spider-Man is a popular Marvel Comics superhero, so an NFT would be a valuable digital collectible. This has future value for trading in the NFT marketplace among collectors. The NFT will be minted on the WAX blockchain.
This is probably part of AMCs strategy to catch up to the trends among millennials and Gen Zers. Crypto is popular among the younger generation and this is a better way to promote your brand. AMC needs to rebound after the pandemic lockdowns, so this is also a way to entice moviegoers to return to theaters with some added benefits to go along with the soda and pop-corn.