AMC Entertainment (NYSE:AMC) is placing its bets on one super hero, Spider-Man. In fact, AMC stock is once again in focus after the theater chain announced it would give out 86,000 non-fungible tokens with Marvel Spider-Man: No Way Home tickets. The combo of meme stock and NFTs certainly has investors watching!
So what do you need to know?
AMC is truly breaking new ground with its first-ever NFT promotion. A joint effort between Sony Pictures and AMC, the collaboration will yield roughly 90,000 NFTs. The NFTs will go to a limited number of ticket buyers for the Dec. 16 premier.
Now, there are some other conditions investors should note. To qualify for the NFTs, buyers must be members of AMC Stubs A-list, Stubs Premiere or AMC Investor Connect on the AMC website. Buyers must have their Stubs account number associated with the purchase, and their ticket must be scanned upon entrance to the movie. In addition, the NFTs must be redeemed by March 1.
Despite the enticing offer, AMC stock was fairly unresponsive to the news, down 2% on the day.
Can AMC Stock Overcome Its Meme-ified Past?
AMC remains hopeful that it can entice the NFT bulls, and Spider-Man may be just the person it needs. Adam Aron, CEO of AMC, commented on the giveaway and said this:
“… the incredibly talented artists at Cub Studios are creating more than 100 unique NFTs giving appropriate respect to this most recent incarnation of the timeless and ever so popular Spider-Man franchise. For those members of our AMC Stubs A-List, AMC Stubs Premiere and AMC Investor Connect program who are among the first to purchase or reserve their ticket to opening day at AMC, this unprecedented Spider-Man NFT is truly a ticket-purchase gift like nothing we’ve ever offered before. … So, my advice is to get your Spider-Man tickets as quickly as you can.”
AMC believes it can turn around its tumultuous past by calling in a crypto lifeline. If the moves catch the gaze of the Reddit bulls, it certainly remains a possibility.
With AMC currently at $36.84, it remains to be seen how much movement the NFT offer will grant it. One thing for sure is that all eyes are on AMC stock prices heading into the December premier.
On the date of publication, Shrey Dua did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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