- Shares of the company are down 1.15% on the news
- Management and insiders have sold roughly $70 million worth of AMC stock this year, Bloomberg first reported
AMC Entertainment Holdings Inc. (AMC) is jumping into the non-fungible token (NFT) space with a campaign to give away thousands of Spider-Man NFTs to those who buy tickets for the upcoming movie in advance.
The popular theater franchise and Sony Pictures will begin giving out the 86,000 Spider-Man NFTs beginning on December 22. Additionally, those who qualify must purchase an opening day ticket to “Spider-Man: No Way Home” and be a member of AMC Stubs Premiere, A-List or Investor Connect members.
Tickets went on sale Monday and the film will debut in theaters on Dec. 16. According to the company’s CEO Adam Aron, online ticketing traffic has soared to the highest in AMC history following the chain’s announcement.
Aron said in a statement on Sunday that shareholders and customers have been calling for the company to get into NFTs for some time, adding that “this unprecedented Spider-Man NFT is truly a ticket-purchase gift like nothing we’ve ever offered before.”
According to a press release, the NFTs will run on WAX, a blockchain that advertises itself as “energy efficient [with an] ultra-low carbon footprint.”
The news comes following a momentous year for the Kansas-based corporation, whose shares have hiked over 1,500% since thousands of retail traders jumped in to defend the stock against short sellers looking to profit from its demise in January.
But some of AMC’s management have taken a different approach, according to regulatory filings first reported by Bloomberg. Aron announced in early November that he sold roughly $25 million worth of his stock in the company, citing “estate planning” purposes as to why, according to a tweet from the executive.
However, Aron said that the sale was pre-planned and that he still “fervently believes in AMC” during a company earnings call. In total, insiders and board members have unloaded roughly $70 million worth of stock, as of early November.
Shares of AMC are trading 1.15% lower at $37.16, at time of publication. The company did not respond to Blockworks’ request for comment.