Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The Crypto Market ends the week at a total market capitalization of $1,286 trillion. Bitcoin manages to withhold the $30k level after a disappointing week. Ethereum lost almost 3% of its value over the past seven days. XRP decreased by nearly 3% this past week. Almost all altcoins are trading in the red, with very few exceptions. The DeFi sector lost over $0.3 billion from the…
Crypto payments make up a good chunk of AMC’s revenue.
Late last year, Adam Aron, CEO of AMCTheaters announced in a tweet that the entertainment company would accept cryptocurrencies as payment online. It was a bold move that revealed his soft spot for blockchain technology, and one that has seemingly paid off significantly.
According to the CEO, more than a third of its ticket revenues were from cryptocurrencies. On the list of its acceptable coins were Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. Of late, the company integrated Bitpay which made it possible for them to accept the meme coins, DOGE and SHIB also.
The positive payback of this introduction has been considerable. Just between January to March, the theater has experienced a $785 million dollars increase in revenue.
The crypto-positive executive revealed this at the company’s latest earnings call. According to Aron, not only has AMCTheaters’ revenue been impressive, crypto adoption has been likewise rave among AMC lovers. According to AMC’s financial reports, about 35% of their online payments involved using cryptocurrencies. Apparently, the tech that made it possible for them to accept cryptocurrencies also supports other options. These include Bitpay, Google Pay, Venmo, and Apple pay.
AMC’s Tech-forward Exploits Include NFTs
AMC has refused to remain behind the times as their forays into the crypto world did not stop at incorporating digital assets into their payment.
With the release of “Spider-Man: No way Home.” the tech-forward company, incentivized one of the biggest 1-day ticket sales in history. They declared a giveaway of 86000 NFTs on the WAX blockchain for viewers who bought early tickets. Within one day, the strategy nearly toppled “End Game” from its number one record.
The American-based theater chain founded in 1920, accounts for the biggest part of the theater chain market in the country. Aron is confident that moves like these could guarantee AMC leads in the apparent digital future.
Aron’s good-spirited announcement comes in the wake of a bearish crawl affecting most of the crypto market. The news is testament to crypto’s mainstream power in the past months. And yet offers hope that the crypto industry might just be as ubiquitous as the traditional fiat in near future.