There was a brief period when the movie theater and gold mining conglomerate AMC participated in the then-trendy NFT market, releasing several collections related to various films or the concept of stock ownership.
Twelve collections were initially released over 306 days, but it has been 527 days since the last one was released on the NFT page of the AMC website.
In this heady era, AMC proudly listed NFTs in its financial filings, even claiming that it would “continue to implement innovative NFT offerings to further enhance and build loyalty with our guests.”
The first NFT launch — a tie-in to Spider-Man – No way home – Reportedly crashed both AMC and Fandango’s websites and led to lead director Adam Aron stating that the “Spider-Man NFT is a major reason why No Way Home generated the second-highest single-day ticket sales in AMC’s entire history.”
You were right when so many of you suggested movie-themed NFTs. Our Spider-Man NFT is a big reason why No Way Home generated the second-highest single-day ticket sales in AMC’s entire history! All 86,000 NFTs (one per eligible member) were fully committed by Monday afternoon. pic.twitter.com/GMO6IswMSD
— Adam Aron (@CEOAdam) December 1, 2021
However, it was not reported in the following quarter’s filing and has not been reported in quarterly returns since.
The NFTs still exist and are still traded, albeit with varying value. Someone bought some Spider-Man NFTs a few weeks ago, and it was 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 this one.
AMC’s latest financial statements warn that cash burn rates are not sustainable in the long term.
We’ve reached out to AMC to see if it plans to release any new NFTs in the near future and will update this piece if we hear back.