Two of the hottest stocks in 2021 and favorite investments of retail traders may become further connected in the future with an exploration of a partnership for non-fungible tokens.
What Happened: AMC Entertainment Holdings (NYSE:AMC) is reportedly pursuing a partnership with GameStop Corp (NYSE:GME) for its non-fungible tokens. The report comes from Bloomberg, which said said AMC CEO Adam Aron is exploring options to land AMC’s NFTs on GameStop’s planned NFT marketplace.
“Now personally I find this incredibly exciting,” Kohrs said.
Kohrs referred to the breaking news as “a match made in heaven.” AMC and GameStop have both explored ways to get involved in NFTs.
Kohrs is one of several AMC investors who has followed the AMC and GME storylines in 2021 and supported both. He called out the “naysayers” who said a partnership between the two would never occur.
“The apes that were supporting both are finally getting the last laugh.”
Why It’s Important: GameStop announced plans to explore ways to get involved in the NFT market back in March. The company also quietly confirmed plans to launch a NFT marketplace in April with an NFT platform built on the Ethereum (CRYPTO: ETH) blockchain platform.
AMC also offered free NFTs to members of its AMC Investor Connect program, which offers perks like free popcorn to its shareholders.
AMC, GME Price Action: GME shares are down 0.3% to $147.96 Tuesday at the time of writing. GME shares are up 687% year-to-date with a trading range of $17.08 and $483.
AMC shares are down 3% to $27.93 Tuesday. AMC shares are up 1,254% year-to-date with a trading range of $1.91 and $72.62.
Photo courtesy of AMC.