Bakkt Theater: Crypto Platforms Ushers in a New Era of Entertainment
- Planet Hollywood in Las Vegas is set to have a new name, the Bakkt Theater, following a partnership between Bakkt Holdings and Caesars Entertainment.
- The move allows Caesars Rewards members to redeem credits through Bakkt Crypto Rewards and use digital currency units at participating retailers.
- Bakkt has been around for close to four years but has not had the impact that many thought it would have when initially announced in late 2018.
Bakkt Theater Replaces Zappos Theater at Planet Hollywood
The concert venue at Planet Hollywood in Las Vegas, Nevada has long been known as the Zappos Theater. However, this is set to change following a new partnership formed between Bakkt Holdings and Caesars Entertainment, which owns Planet Hollywood. The theater will be known as the Bakkt Theater moving forward.
Caesars Rewards Members Can Redeem Credits Through Bakkt Crypto Rewards
The most exciting thing about the news is that all Caesars Rewards members will be able to redeem credits through Bakkt Crypto Rewards. This means they can garner digital currency units in lieu of fiat currency and use these digital currency rewards at participating retailers. Jason Gastwirth, president of Caesars said: “We’re pleased that Bakkt recognizes the unique destination we’ve created at Planet Hollywood, and we are excited to have them join us in the venue’s next chapter.“
Bakkt Has Had A Mixed History Since Its Initial Launch
Bakkt was initially announced in late 2018 but experienced a hugely delayed entry into the crypto forum and eventually was released for public use towards the end of 2019. The idea was that many participating companies, stores and retail outlets – such as sandwich shop Quiznos – would allow users to spend their hard-earned crypto rewards on items and services. Unfortunately, little usage was recorded during its first few months on the market resulting in assets like bitcoin suffering heavily because of it.
Trying To Redeem Itself?
During 2020 though things started looking up for Bakkts with more people beginning to utilize its services for buying everyday items across various locations. This resulted in an uptick of interest from major financial institutions including prominent banks from different countries such as BNY Mellon who decided to partner with them due to its increasing popularity among consumers .