Digital asset marketplace Bakkt is going public via a special purpose acquisition company (SPAC) on the New York Stock Exchange (NYSE) Monday (Oct. 18), Decrypt reported.
Bakkt started as a cryptocurrency custodian that holds bitcoins for big investors but has developed into a platform for bitcoin futures trading and a mobile app that allows users to spend their digital coins on everyday goods in shops. A Visa debit card launched in June, according to the report.
The Intercontinental Exchange, the parent company of the NYSE and the owner of Bakkt, said Friday (Oct. 15) that Bakkt completed a merger with blank-check company VPC Impact Acquisition Holdings to allow the company to trade on NYSE under the ticker symbol BKKT, the report stated.
Bakkt first mentioned its plans to go public in January, when the company was estimated to be worth about $2 billion. The company partnered with Starbucks in 2019 to let consumers buy coffee and other goods with bitcoin.
Earlier this month, Bakkt announced it is working with Google on a project that will extend access to digital assets to millions of new customers, saying it was created to “extend the reach and usability of digital assets to meet rapidly evolving consumer demand and preferences.”
Read more: Bakkt/Google Partnership Enables Widespread Access to Digital Assets
Bakkt users can use their virtual Bakkt debit cards in Google Pay to make purchases online, in stores and anywhere Google Pay is accepted. Bakkt has also chosen Google Cloud as its cloud provider and will market its Google Cloud-powered solutions to retailers and merchants in the U.S.
Bakkt is also planning to add new analytics and artificial intelligence (AI), machine learning (ML) and geolocation functionality to its platform to “draw out deep, location-aware business insights leveraging Google Cloud’s industry-leading tools.”
The company said these insights will give customers expanded loyalty redemption options while offering its partners valuable customer behavior patterns.
The pandemic didn’t kill the movie theater, but it did make people fall in love with streaming services. To remain competitive, the entire movie and streaming experience is undergoing an epic, Marvel superhero-like mutation.
Immersive film experiences that simulate reality have come to lure you away from your comfy couch and deep into the stories of your favorite movies.
We’re not just talking about 3D glasses or IMAX here. These cutting-edge experiences incorporate virtual reality (VR), augmented reality (AR) and interactive elements to create a multi-sensory adventure. You don’t just watch a movie — you seem to live it, breathe it and maybe even taste it.
Yes, attempts at Smell-O-Vision, such as the 1960 film “Holiday in Spain” (aka “Scent of Mystery”) were decidedly less than successful, but technology has evolved light years since then and industry insiders believe immersive movies could be the key to revitalizing the theater industry in a post-pandemic world.
“Immersive experiences tap into our innate desire for novelty and excitement,” says Sarah Chen, a media analyst at TechVision Research. “They provide a sense of adventure and discovery that appeals to audiences seeking new forms of entertainment.”
Think of it like a combination of playing make-believe when you were little and a Universal Studios theme park ride.
For example, Particle Ink’s “Speed of Dark” in Las Vegas offers a mixed-reality experience where guests interact with the physical environment and view live performances, blurring the lines between reality and fiction. Want to be Bond, as in James Bond? There’s a company that will help you do that in style, as well as with other film favorites.
And don’t think for a second that the streaming services are just going to sit on the sidelines and watch this happen. Netflix recently launched its “Stranger Things: The Experience” in select cities. Fans can explore recreated sets from the popular show, interact with characters and solve puzzles in a live, immersive environment.
And don’t forget about “Bridgerton” and its live concerts, teas and the Queen’s Ball experiences hosted by select cities including New York, London, Chicago, Atlanta, Los Angeles and Minneapolis. You may just want to spill a little tea at one.
PYMNTS Intelligence data also shows consumers love experiences, whether when traveling or shopping — and brands are noticing. A report last year, which drew on a survey of 4,285 U.S. consumers, showed that the highest earners are the most likely to splurge on experiences.
Brands and retailers, including Nike, Mattel, Target and Nordstrom, are also getting in on the experience craze, hosting live events and interactive experiences.
Speaking of phenomena like “Stranger Things” and “Bridgerton” that made us stay home to be entertained, “Imagine transforming your living room into a virtual theater [with VR and AR technologies]. The possibilities are limitless,” says Chen.
The technology driving these experiences can drive filmmakers to up their game. Eugene Chung, the director of the acclaimed VR film “Allumette,” said, “VR allows us to create worlds where viewers don’t just see the story unfold — they feel it.”
But let’s be realistic; there are some very big obstacles to widespread adoption of immersive cinema experiences. They’re expensive to produce, and some projects will need specialized venues. You can’t exactly fit a dinosaur-infested jungle in your local multiplex. Plus, there’s always the risk of motion sickness.
And there will be critics who argue that overly immersive experiences detract from the art of traditional storytelling. But who needs plot and character development when you can have explosions so intense that you feel the heat on your face?
As the line between audience and participant in the cinematic plot continues to blur, one thing is clear: The movie-going experience of tomorrow may be vastly different from what we know today.
Who knows? In a few years, you might be able to star in your own blockbuster, defeat the villain, and save the world — all before dinner time. Just remember to silence your phones, keep your hands and feet inside the virtual reality at all times, and whatever you do, don’t feed the digital monsters.
