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Saturday, December 9, 2023

AMC Entertainment Holdings (AMC) Ready to Accept Crypto Payments, What’s Happening?

AMC Entertainment stock has been a step ahead in the industry in 2021. The company just announced that they will accept Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) transactions as payments. 

AMC Entertainment Holdings (AMC) stock has been one of the hottest stocks on market this year. Earlier in September, the movie theater chain bagged a record Labor Day weekend at the box office. Things are really getting into shape for AMC. Now, the company has decided to adopt crypto payments.

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The CEO of AMC Entertainment, Adam Aron, in a recent tweet released a statement regarding the new payment policy. Aron mentioned that users would be able to purchase online tickets via Bitcoin (BTC). The company will accept the concession payments by year-end 2021.

Many big corporations in the United States are joining the crypto bandwagon. AMC has done nothing exceptional and it is just the flow in which the industries are accepting cryptocurrencies.

However, Aron’s decision to embrace crypto payments follows AMC’s popularity as a meme stock earlier this year. The company believes that crypto adoption would build interest amongst tech enthusiasts who invested in AMC. This will also improve the audiences as additional payment options may encourage people to start going to movies.

When Aron tweeted regarding the crypto payments policy, some Dogecoin (DOGE) enthusiasts were caught asking that why isn’t Dogecoin on the list. However, the other top cryptos include Ethereum (ETH), Litecoin (LTC), and Bitcoin (BCH). Maybe in the future, AMC would add DOGE too.

AMC stock remains to be an important subject for investors. Last year was rough for AMC, but it has been the opposite in 2021 so far. Where several multiplex operators are starting to get space, still many of AMC’s competitors are facing financial issues. The pandemic has vastly impacted the theatrical companies.

The acceptance of cryptocurrencies is the beginning of a new era for AMC. But we have another interesting market area that has caught eyes these days. The rise of NFTs is another sector in blockchain technology that has attracted many companies. NFTs are the non-fungible tokens and AMC might think of that in the coming days.

Aron during an interview with CNBC said that the company is working on NFTs and exploring the business side of it. AMC is looking into different ideas on the NFT marketplace.

The CEO of the company also highlighted that NFTs addition could add real value to the business model of AMC. The plan is to attract tech-savvy investors and gain their trust. Aron looks passionate about NFTs and we can assume when he said:

“One of the ones I particularly love is to make commemorative movie tickets as an NFT.”

It won’t be surprising if AMC Entertainment Holdings announces to launch the movie ticket NFTs anytime soon. The theatre chain almost has 50 to 100 mega releases per year. This move could be valuable for the investors as well as customers.

This isn’t new and many companies have already invested in the NFT market. Draftkings (DKNG), PLBY Group (PLBY), and Funko (FNKO) are among those renowned companies that have already joined the NFT market.

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