AMC deal with WAX points to future of NFT market - WAX co-founder
Dec. 06, 2021 11:08 AM ETWorldwide Asset eXchange USD (WAX-USD), AMCUSDT-USD, BTC-USDBy: Brian Stewart, SA News Editor18 Comments
- William Quigley, co-founder of NFT market Worldwide Asset eXchange (WAX-USD), or WAX, said Monday that the company's deal with movie theater chain AMC (NYSE:AMC) underlined the growing possibilities for the NFT concept.
- Speaking to CNBC, Quigley, who also co-founded the stablecoin Tether (USDT-USD), also commented on recent volatility in the cryptocurrency market, suggesting that a drop in Bitcoin (BTC-USD) over the weekend showed that many new investors still see it as a speculative asset.
- "A lot of people who are holding [Bitcoin] are still learning about how crypto works," he said. "Many people from, let's say, traditional finance roles are holding it and thinking of it as a risk-type asset."
- The WAX co-founder explained that, with this mindset, many newcomers to Bitcoin (BTC-USD) looked to cut their holdings at times, like last week, when macro conditions call on them to reduce risk in their portfolios.
- On WAX's collaboration with AMC, Quigley said the NFTs the companies are developing will offer more than just collectible media, the type of functionality most people currently associate with the technology.
- AMC has announced two collaborations with WAX so far. The first involved the creation of an NFT related to the release of Spider-Man: No Way Home. The second, announced Monday, will create an NFT aimed at AMC investors.
- Quigley explained that the "I Own AMC" NFT would grant access to certain perks for company shareholders, including discounts and access to movie premieres.
- Quigley added that the AMC project points to a broader future for NFTs.
- "Most people think about a NFT as something that holds a media file ... NFTs are much broader, they are actually mini-computers," he said. "We're beginning to see a lot more NFTs used this way."
- For more on Tether, see why SA contributor Logan Kane calls the stablecoin a "$70 billion time bomb."