Since being named a meme stock in early 2021, AMC Theaters has embraced cryptocurrency, specifically the Dogecoin and Shiba Inu coins that Chief Executive Adam Aron has mentioned frequently in recent months.
The American pro-crypto cinema chain has updated its mobile app to accept Dogecoin (DOGE), Shibu Inu (SHIB) and other cryptocurrencies as payment.
Aron assured his followers via a tweet on Jan. 6 that he would integrate the DOGE and SHIB meme tokens by March. Aron’s team delivered, albeit with a little delay.
The interface with BitPay allows users to spend DOGE and SHIB on tickets, discounts and gift cards.
Nium, a Singapore-based cross-border payments company, announced the launch of an API-based solution in partnership with BitPay that will enable businesses to accept crypto payments – starting with Bitcoin and Ethereum.
Bitcoin, then Dogecoin
AMC Theaters began accepting payments in digital assets like Bitcoin on November 13 last year.
Despite this, the mobile app of the world’s largest cinema chain was left without the ability to make purchases using cryptocurrencies like the meme token Dogecoin – until now.
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DOGE Total Market Cap at $19.10 Billion on 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 past seven days. Shiba Inu was trading at $0.00002594, up 5.3 percent over the past seven days, according to Coingecko data. The broader cryptocurrency market is up about 1% over the last day.
As of Friday, AMC stock was down about 3% to around $18. The stock started the year at around $26.50 and briefly surpassed $29 a share in late March, but has fallen significantly in price in the weeks since.
It’s worth noting that AMC claims that cryptocurrency payments on its web client account for about 14% of all movie ticket transactions, according to Engadget.
AMC Batman NFT
Additionally, AMC has launched its own NFT collectibles via the WAX blockchain, both in conjunction with Spider-Man: No Way Home and as an incentive for AMC shareholders.
AMC introduced The Batman NFTs via Palm, which also acts as a sidechain scaling solution for Ethereum.
Non-fungible tokens are non-transferrable units of data stored on a blockchain, a type of digital ledger. They can be sold and traded and may contain collectibles, artwork and more.
Aside from the new cryptocurrency option, Aron recently announced via Twitter that the AMC mobile app will now accept additional digital payments including Apple Pay, Paypal and Google Pay.
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Featured image from Bitcoin News, chart from TradingView.com