At its recent earnings call, AMC Entertainment Holdings, Inc. CEO Adam Aron revealed that the company may create its own non-fungible tokens (NFTs).
These unique pieces of digital art are exploding in popularity, per DappRadar:
In Q3, the NFT space generated over $10.67 billion in trading volume. This represents an outstanding 704% increase from the previous quarter and a colossal 38,060% increase year-over-year.
AMC is in a great position to dominate this market. Its partnerships with movie theaters could give it access to invaluable intellectual property, such as Marvel superheroes.
The movie studios would also gain by partnering with AMC. The theater chain already has a huge following among the young investors active in NFT’s.
Consider that a Degenerate Ape NFT recently sold for $1.1 million. Whatever its artistic merits, I suspect IP with broad recognition like the Avengers will be quite a bit more valuable.
Will minting NFT’s, creating its own crypto token, or accepting bitcoin make AMC a world-beating business all by itself? Of course not.
But AMC is doing what tech startups have done for years: experimenting with different products to find out what the market wants. If it hits pay dirt, it can expand that offering, driving lots of revenue.
I commend Aron and the AMC team for being so innovative. Best of luck!
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