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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!
More on markets:
AMC Fails to Deliver Jump 2700%
Let’s Make Our Own Index Fund!
Citadel Builds Huge Position in AMC Call Options
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NBA Top Shot’s popularity is exploding. Users pay to own an iconic basketball image or video clip, such as Lebron James dunking on someone (plenty of those choose from!). Their ownership is recorded on the blockchain in what’s called a Non-Fungible Token (NFT).
NBA Top Shot is a creation of Dapper Labs, a Canadian blockchain company. It started selling NFTs of cats called CryptoKitties. From these humble beginnings, Dapper Labs has grown to a million users on NBA Top Shot alone and recently raised $300 million in venture capital at a $2.4 billion valuation.
In an interview with CEO Roham Gharegozlou, angel investor Jason Calacanis marveled at how far this company has come:
Another 8 year overnight success in the making. It’s so funny how, as a founder, you can go from being like a punchline of a joke to the absolute belle of the ball.
Calacanis noted that video games have already sold digital items for real money for years, so the NFT business model is really not that much of a stretch. What’s more, for the young, owning a digital asset feels much more natural than owning a baseball card.
Dapper Labs plans to branch out to other sports leagues, and ultimately to recording ownership of items beyond video clips and images. If Dapper controlled the ownership records of, for example, cargo, this could be a truly massive company.
I was impressed with Gharegozlou’s perseverance over nearly a decade, going from obscurity to a partnership with a top sports league and a unicorn valuation. I was also impressed by how forward thinking the NBA is. If the creator of CryptoKitties came up to most major businesses with a proposition, they wouldn’t even get a reply. In its work in the crypto industry, as well as its highly successful COVID protocols, the NBA is clearly doing something right.
Give this intriguing interview a listen!
For more on NFTs and crypto, check out these posts:
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Photo: “LeBron James New York City More Than a Game 3 by David Shankbone” by david_shankbone is licensed under CC BY 2.0
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