American movie theater company AMC Entertainment has partnered with Sony Pictures to launch a non-fungible token (NFT) project as a reward for the advance purchase of opening-day tickets to Sony’s new Spider-Man franchise, No Way Home. Cub Studios created the animations and 100 designs will be used to mint over 86,000 digital assets on the WAX blockchain to give away to the first ticket purchasers of movie tickets in all American locations.
The initiative is being used as a reward for loyalty. The reward NFT is only available to members of the AMC Investor Connect group, which is a platform that updates AMC stockholders on company news and special offers, and for members of the AMC Stubs Premiere or A-List. Members of Investor Connect must be part of AMC Stubs, a rewards scheme where members pay $15 per year and gain access to a point-earning system that enables cinema fans to exchange the points for exclusive perks and prizes.
Movie attendance had been on the decline for almost 17 years. Streaming platforms like Netflix make it easy to access movies cheaply and from the comfort of home. A Netflix account can be as cheap as $9 per month and yields access to hundreds of films, which is the same as the average price of a single AMC movie ticket in the U.S.
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