Sony Pictures and AMC Theatres Choose WAX Blockchain For 'Spider-Man: No Way Home' NFT Promotion

AMC Theatres and Sony Pictures have partnered with the WAX blockchain for the NFT promotion of the upcoming movie, Spider-Man: No Way Home starring Tom Holland. This marks the first-ever as well as the biggest collaboration between a studio and a theatrical exhibitor.

The CEO of AMC Theatres, Adam Aron, is known for his pro-crypto stance as he recently announced that his firm would be accepting Bitcoin, Ethereum, Litecoin and Dogecoin as payments. There are plans to accept Shiba Inu as well.

Aron pointed listed out the reasons why AMC Theatres and Sony Pictures decided to partner with WAX blockchain for the NFT promotion.

“It’s easy to use and already widely adopted WAX Cloud Wallet combined with no gas fees for minting, sending and receiving NFTs gave us confidence that everyone, including first-time blockchain users, would be able to participate in the promotion,” Aron said in a statement.

WAX blockchain works on Proof of Stake unlike Proof-of-Work based cryptocurrencies like Bitcoin, Ethereum, or Litecoin. Proof of Stake is the reason why the WAX blockchain is carbon neutral and requires a lot less computation power.

A major benefit of Proof of Stake is quick transactions which require very low gas fees. On giant networks like Ethereum, which have very high gas fees, minting and trading NFTs drain the pockets of investors.

The WAX blockchain is very efficient and processes over 15 million transactions daily initiated by nearly 450,000 daily users. The blockchain uses around 0.000223 terra watts of energy, producing as much as 110 tons of carbon a year.

The co-founder of WAX aims for widespread adoption of cryptocurrencies and blockchain and believes that the WAX blockchain provides exposure to “the masses in an environmentally responsible and user-friendly way.”

AMC Theatres announced that because of the new movie, which is due for release Dec. 17, the theatrical exhibitor experienced its second-biggest sale of all time for a single movie title.

“Members of AMC Stubs Premiere & A-List, and AMC Investor Connect, will receive an exclusive Spider-Man™ NFT, via the WAX blockchain, with an opening day advance ticket purchase or reservation,” said the press release.