Since being named a meme stock in early 2021, AMC Theatres has embraced cryptocurrency, most notably the Dogecoin and Shiba Inu coins, which Chief Executive Adam Aron has frequently mentioned in recent months.
The American pro-crypto movie theater chain has updated its mobile app to take Dogecoin (DOGE), Shibu Inu (SHIB), and other cryptocurrencies as payment.
Aron assured followers via a tweet on Jan. 6 that he will incorporate meme tokens DOGE and SHIB by March. Aron’s team delivered, albeit a little late.
The interface with BitPay enables users to spend DOGE and SHIB on tickets, concessions, and gift cards.
Nium, a Singapore-headquartered cross-border payments company, announced the launch of an API-based solution in collaboration with BitPay that enables businesses to begin accepting crypto payments – starting with Bitcoin and Ethereum.
Bitcoin, Then Dogecoin
AMC Theaters began accepting payments in digital assets such as Bitcoin on Nov. 13 of last year.
Despite this, the world’s largest movie theater chain’s mobile app has been left behind without the ability to purchase using cryptocurrencies such as the meme token Dogecoin – until now.
DOGE total market cap at $19.10 billion on the weekend chart | Source: TradingView.com
DOGE Down, SHIB Up
As of this writing, Dogecoin is trading at $0.144160, down 0.3 percent over the last seven days. Shiba Inu was trading at $0.00002594, an increase of 5.3 percent over the last seven days, according to Coingecko data. The broader cryptocurrency market is up around 1% in the last day.
As of Friday, AMC stock was down about 3% to around $18. The stock began the year around $26.50 and briefly surpassed $29 per share in late March, but has subsequently fallen significantly in price in the weeks since.
It’s worth mentioning that AMC claims that cryptocurrency payments on its web client account for around 14% of all movie ticket transactions, according to Engadget.
AMC Batman NFT
Additionally, AMC has introduced its own NFT collectibles via the WAX blockchain, both in conjunction with Spider-Man: No Way Home and as an incentive for AMC stockholders.
AMC introduced The Batman NFTs via Palm, which also functions as a sidechain scaling solution for Ethereum.
Non-fungible tokens are non-transferable units of data kept on a blockchain, a type of digital ledger. They can be sold and exchanged, and may include collectibles, artwork, and more.
Apart from the new cryptocurrency option, Aron recently revealed through Twitter that the AMC mobile app will now take additional digital payments, including Apple Pay, Paypal, and Google Pay.
Featured image from Bitcoin News, chart from TradingView.com