AMC forgot about NFTs
There was a brief period where the movie theater and gold mining conglomerate AMC participated in the then-trendy NFT market, releasing several different collections tied in with various movies or the concept of stock ownership.
Twelve collections were initially released over 306 days, however, it’s been 527 days since the last one listed on the AMC website’s NFT page was released.
Back in this heady era, AMC proudly mentioned NFTs in its financial filings, and even claimed that it would “continue to implement innovative NFT offers to further engage and build loyalty with our guests.”
The first NFT launch — a tie-in with Spider-Man – No Way Home — reportedly crashed both AMC and Fandango’s websites and led to chief exec Adam Aron to state that the “Spider-Man NFT is a key reason why No Way Home generated the second highest one-day ticket sales in AMC’s entire history.”
However, it wasn’t mentioned in the next quarter’s filing and hasn’t been mentioned in quarterly filings since.
The NFTs still exist and are still traded, albeit with varying degrees of value. Someone purchased several of the Spider-Man NFTs several weeks ago, and they were willing to pay almost $20 for each of them. Yesterday, someone also paid $10 for a Batman NFT but most collections are less liquid and traded than these.
AMC’s most recent financial statements warn that its “cash burn rates are not sustainable long-term.”
We have reached out to AMC to see if it intends to issue any new NFTs in the near future and will update this piece if we hear back.
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