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Seeking Alpha 2021-12-06 16:08:19

AMC deal with WAX points to future of NFT market - WAX co-founder



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,

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