The concert venue at Planet Hollywood in Las Vegas, Nevada has long been known as the Zappos Theater. The name, of course, stems from the famous online shoe company in which you can purchase any pair of shoes via the internet and have it delivered to your doorstep.
Now, it appears the Planet Hollywood theater is going to have a new name, one that centers around a popular digital currency platform. The theater will be known as the Bakkt Theater following a new partnership formed between Bakkt Holdings and Caesars Entertainment, which owns Planet Hollywood.
The most exciting thing about the news is not that a theater will be named after a crypto company, but rather that 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.
Jason Gastwirth, president of Caesars, explained in a recent interview:
Bakkt Theater showcases the best in live entertainment and experiences to match the extraordinary talent roster the venue features. 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 something of a mixed history given it’s been around for close to four years, yet it hasn’t had the impact so many thought it would have. Initially announced in late 2018, the company 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 hard-earned crypto rewards on items and services.
The move was perfect in many ways because it brought people much closer to the idea that bitcoin and other forms of crypto were money. That they could be utilized to purchase everyday items and goods, which is what they were all initially designed for. However, for one reason or another, Bakkt failed to make any sort of meaningful impact during its first few months on the market. Little use was recorded during that time, and assets like bitcoin suffered heavily because of it.
During that period, bitcoin was initially trading in the $9K region, though instantly following the near failure of Bakkt’s opening, the world’s number one digital currency by market cap fell into the low $8,000 range, losing more than $1,000 in just a matter of seconds.
Right now, the Planet Hollywood concert theater has played home to a wide array of musical and comedy stars including ventriloquist Jeff Dunham and Miranda Lambert.
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