AMC will accept Bitcoin and Crypto for payment, will NFT commemorative notes be next?


One of the hottest stocks of 2021 was AMC Entertainment Holdings Inc (NYSE: AMC). The title has won favor with a loyal community that sees a strong recovery ahead for the film company. CEO Adam aron may have brought in new fans and investors with an open mind to accept multiple cryptocurrencies for payment.

What happened: Aron announced this week that AMC Entertainment Holdings will accept Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), Litecoin (CRYPTO: LTC) and Bitcoin Cash (CRYPTO: BTC) transactions as a method of payment.

The announcement came after Aron said during the second quarter earnings call that the movie company will accept Bitcoin payments by the end of the year.

Aron’s announcement ruffled some feathers in the Dogecoin (CRYPTO: DOGE), because no announcements have yet been made to accept the popular cryptocurrency even in theaters.

Related Link: 5 Things You May Not Know About AMC CEO Adam Aron

Next NFT? : Many companies have been looking for ways to get more involved in cryptocurrencies to take advantage of growing interest and valuations, as well as new potential customer bases.

The rise of non-fungible tokens is another area that many companies are exploring to see if there are ways to diversify their businesses.

DraftKings Inc (NASDAQ: DKNG), PLBY Group (NASDAQ: PLBY) and Funko Inc (NASDAQ: FNKO) are among the well-known companies that have entered the NFT market.

Aron Recount CNBC in early September that the company was exploring NFTs as a way to grow its business.

“Some ideas have surfaced,” Aron said.

The CEO said adding NFT to the business model could create “real value” for AMC investors and the company.

“One of the ones that I particularly like is doing commemorative movie tickets as NFT.”

Aron told CNBC that it might be a “really smart idea” to launch NFT movie tickets because the movie chain has 50 to 100 big theatrical releases a year.

The move could make NFTs “mean something to us and to customers,” Aron added. The launch of NFTs could move the business forward.

CNBC Fast Money Member Guy Adami liked the idea of ​​NFTs from AMC and its CEO while brushing aside discussions of a short stock squeeze.

“I respect that,” Adami said of a potential NFT launch.

Aron’s openness is reason to be optimistic, Adami added.

While Adami doesn’t like AMC’s current business model, he stressed that he liked the way Aron could skate where the puck could go, referencing a famous quote from NHL great Wayne Gretzky.

Price action: AMC shares were trading at $ 44.09 on Friday. The shares have traded between $ 1.91 and $ 72.62 in the past 52 weeks.

Disclosure: The author is long sharing FNKO.

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