NFTs and Shiba Inu
“It’s an idea that I think many of you will enjoy,” Aron promised in his tweet. It appears that it wasn’t enough to satisfy the market, as the stock fell on its lowest Monday volume in months.
CEO Adam Aron of AMC Entertainment Holdings predicted a different outcome for Monday. On a day when the market was rallying, the stock fell after the company announced plans to collaborate with Sony to distribute 86,000 non-fungible tokens (NFTs) to promote the theatrical release of Spider-Man: No Way Home.
The tweet may not appear sinister. However, it wasn’t just AMC’s ticketing site that crashed on Monday when Spider-Man: Homecoming was released. No Way Home tickets went on sale. The online ticketing platforms of Regal and Fandango were also temporarily unavailable. All chains saw an increase in ticket orders for the highly anticipated film.
Aron attributes the NFT concept to shareholders. Last month, he polled his social media followers to see if the chain should accept Shiba Inu (CRYPTO: SHIB) for movie tickets alongside other crypto denominations. It’s about marketing rather than content. Do you believe Shiba Inu investors will want to legally dispose of their crypto in a taxable event to see a movie? They are holding because they think it will increase in value.
Bitcoin’s price fell after U.S. Federal Reserve Chair Jerome Powell warned Tuesday that the risk of higher inflation has “increased.” Implying that the central bank will consider tightening its asset purchase policies, which have boosted markets for risky assets.
A faster Fed taper and higher rate hike expectations were bad news for bitcoin. Bitcoin is behaving more like a risky asset than an inflation hedge.
Ether, the second-largest cryptocurrency by market capitalization, on the other hand, finished the day with its fourth straight day of gains. It traded above $4,600. Ethereum is still the most popular cryptocurrency bet for most traders. It appears that it will make another run toward $5000 once risk appetite returns.
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