American movie theatre chain AMC Theatres has made its foray into the non-fungible token (NFT) space through a partnership with Sony Pictures. Adam Aron, the company’s CEO, unveiled this news through a tweet on November 28, noting that the firms will offer early-bird buyers of Spider-Man: No Way Home tickets up to 86,000 NFTs.
Reportedly, the sale of the tickets commenced today, and the movie premiers in theatres starting December 16. The NFTs will feature over 100 designs from acclaimed animation studio Cub Studios. Notably, the studio has bagged BAFTA and Lovie awards for its work.
Are you looking for fast-news, hot-tips and market analysis?
Sign-up for the Invezz newsletter, today.
According to AMC, the giveaway will only be valid for tickets purchased or reserved for December 16. To qualify for a chance to get the NFTs, tickets must be bought or reserved by members of AMC Stubs A-List, Stubs Premiere, and Investor Connect through AMCTheatres.com or the AMC mobile app.
Leveraging an energy-efficient blockchain
AMC further noted that it would issue NFT codes and redemption instructions to qualified guests on December 22. To ensure people do not cheat, the company said all purchased tickets must be scanned at theatres when guests arrive to determine which guests will get the NFTs. In so doing, AMC seeks to prevent people that have their tickets refunded from getting NFT codes.
Guests that get an NFT code must redeem their NFT by March 1, 2022. AMC will allegedly use a website that runs on WAX, an energy-efficient, ultra-low carbon footprint blockchain. Explaining why it used WAX, AMC said the blockchain is scalable and can handle up to 15 million transactions daily.
Aron believes AMC’s venture into NFTs will be successful because Spider-Man: No Way Home is one of the most-awaited movies of the year. He also pointed out that Cub Studios’ talent would play a significant role in making the project a success.
The AMC CEO further noted that the Spider-Man NFTs are the best ticket-purchase gifts AMC has offered yet. Urging people to seize the opportunity to walk away with an NFT quickly, Aron said the 86,000 slots would go very fast.
67% of retail CFD accounts lose money