AMC Makes NFT Foray With Offer For 'Spider-Man' Advance Ticket Buyers: Here's What You Need To Know

Movie theatre chain AMC Entertainment Holdings Inc. AMC has announced its foray into the non fungible tokens (NFT) space.

What Happened: AMC Entertainment and Sony Group Corp.’s SONY Sony Pictures said they will offer 86,000 NFTs to celebrate the Dec. 16 release of the movie “Spider-Man: No Way Home.”

The AMC Spider-Man NFT giveaway is open to members of AMC Stubs Premiere, AMC Stubs A-List and AMC Investor Connect who advance purchase or reserve their opening-day ticket for the movie.

The film tickets must be purchased or reserved on AMC Theatres website or mobile app when they go on sale on Nov. 29.

AMC CEO Adam Aron took to Twitter to announce that the idea for the NFT came from the movie theatre chain’s new-found backers, the retail investors.

AMC noted that over 100 NFT designs will be available, specially designed by animation studio Cub Studios.

Customers who qualify for the NFT will receive the NFT codes and redemption instructions via email on Dec. 22, and the token must be redeemed by March 1, 2022.

See Also: AMC Mulls Creating Its Own Cryptocurrency, Getting 'Hyperactive' In The Space

Why It Matters: NFTs, blockchain-based tokenization of collectible items or art pieces, allow users to own digital assets like retail estate, art, digital sneakers, and video moments.

AMC’s NFT foray highlights the company’s efforts at connecting better with the retail investors, who are highly enthusiastic about the cryptocurrency sector.

These investors have driven up the stock price of heavily shorted stocks like AMC Entertainment and GameStop Corp. GME this year.

AMC is already accepting cryptocurrencies, including Bitcoin BTC/USD, for movie tickets and concessions by the end of this year.

AMC Entertainment’s year-to-date gains stand at an impressive 1772.1% as the company's stock continues to see high interest from retail investors.

Price Action: AMC closed 3.2% lower in Friday’s regular trading session at $37.63 and further edged down less than 0.1% in the after-hours session to $37.60.

Read Next: After AMC, Second Largest US Theater Chain To Accept Bitcoin, Dogecoin And More As Payment