• Planet Hollywood’s Zappos Theater is changing its name to the Bakkt Theater following a partnership between Caesars Entertainment and Bakkt Holdings.
• Through this partnership, Caesars Rewards members will be able to redeem credits through Bakkt Crypto Rewards and use them at participating retailers.
• Bakkt was initially announced in late 2018 but had a delayed entry into the crypto forum, with little use recorded during its first few months on the market.
Planet Hollywood’s Zappos Theater Becomes Bakkt Theater
Partnership Between Caesars Entertainment and Bakkt Holdings
The concert venue at Planet Hollywood in Las Vegas, Nevada has long been known as the Zappos Theater. However, it now appears that the theater is going to have a new name following a new partnership formed between Bakkt Holdings and Caesars Entertainment, which owns Planet Hollywood. The theater will be known as the Bakkt Theater and all Caesars Rewards members will be able to redeem credits through Bakkt Crypto Rewards. This means they will garner digital currency units in lieu of fiat currency, and they will be able to utilize these digital currency rewards at participating retailers. According to Jason Gastwirth, president of Caesars: “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.“
Bakkts Inception
Bakkt was initially announced in late 2018 with hopes that many participating companies would allow users to spend their hard-earned crypto rewards on items and services; bringing people closer to utilizing bitcoin for everyday purchases. Despite this hope however, little use was recorded during its first few months on the market leading Bitcoin’s value to suffer heavily because of it.
Rise of BAKKT & Its Effect on Crypto Market
Throughout 2020 however there was an increase in usage from institutional investors using BAKKT which increased user confidence within cryptocurrency investments resulting in an increase of interest within cryptocurrency as well as a rise of Bitcoin prices by over 200%. This also resulted in an increase of usage for BAKKT itself – allowing more investors access into cryptocurrency markets both private and public thus increasing demand for cryptocurrency related products such as futures contracts & ETFs (Exchange Traded Funds).
Future With BAKKT
As the partnership between BAKKT & Caesar’s entertainment shows – there is potential for further expansion into other areas such as loyalty programs or retail payments relying heavily on blockchain technology & cryptocurrencies giving consumers further access & advantages when using these payment methods compared traditional ones (such as credit cards).
Conclusion
The move by Caesar’s entertainment clearly shows their commitment towards integrating cryptocurrencies into our daily lives – allowing customers even more options when looking for ways to pay or save money while still enjoying all that Las Vegas has too offer! It’ll be interesting too see how future collaborations between BAKKT & other businesses plays out & what kind of impact it could have on crypto markets overall.