TL;DR Breakdown
- Coinbase crypto exchange announces plans to create a series trilogy staring Bored Ape Yacht Club (BAYC) NFTs.
- Coinbase eyes Hollywood amid Web3 expansion.
Coinbase, America’s leading cryptocurrency exchange, is producing a three-part interactive film on Bored Ape Yacht Club (BAYC). BAYC is an Ethereum-based non-fungible token project that is quite popular. At the time of publication, little information is available. However, on April 12, Coinbase announced that “definitely something” was in the works.
Bored Ape Yacht Club NFT film trilogy
According to reports, Coinbase’s entertainment team developed the trilogy’s concept. However, if these plans are to succeed, the BAYC community must also participate.
The Degen Trilogy’s Bored Apes website has also requested BAYC holders to submit their Bored Apes for a chance to be featured in the film and get $10,000. Moreover, an actual Hollywood casting director will evaluate these submissions along with other made-up character descriptions.
The tweet contained a link to a website called degentrilogy.com, which was little more than a splash page with a 1980s-style typeface title. The first in the short animated film series will debut at NFT.NYC in June. The Bored Ape Yacht Club will also be able to offer ideas and influence the storyline.
Following the rise in crypto fraud schemes, the cryptocurrency community appears to be more cautious. The news was not without incident. Following the publication of Coinbase’s announcement, some Crypto Twitter users have stated that BAYC holders may not find it so advantageous after all.
According to the art creator, “Dippudo,” BAYC owners will be giving up perpetual intellectual property rights in their NFTs in exchange for $10,000 in APE or BTC deposited into their Coinbase accounts.
According to the project’s FAQ, the license will be recorded on-chain and continue with the ape into the secondary market. On the other hand, the fee will be paid in one transaction to the original licensee (the holder that submitted the Bored Ape to the film). Despite the social setbacks and the divided crypto community, Coinbase is determined to make the trilogy succeed.
Users were concerned about the transfer of their Apes to Coinbase. On Twitter, one user said, “So for this, I would have to move my ape to the coinbase wallet? Is there another way. I won’t be moving my ape off my ledger.”
One Twitter user offered an option to divert production expenditures into Coinbase customer care, which is notoriously poor. The user stated, “how about the money you use to make that film you use to make your customer service and app better.”
Coinbase has created the series to correspond with its forthcoming NFT marketplace launch. Coinbase Entertainment and Culture Marketing Director William Swann said, “We’ve been inspired by the Bored Ape Yacht Club community and excited to invite them to co-create this film with us.”
Swan added, “you can think of this as a love letter to the NFT tech that has provided so much creative liberation for artists. We really look to [Bored Apes] as sort of our North Star in the NFT space. They’ve created such a massive and engaging community.”
Coinbase crypto exchange eyes Hollywood
The user experience at Coinbase is not limited to Bored Ape Yacht Club and APE. Users who do not own any BAYC NFTs may connect their Coinbase wallet to the Degen Trilogy website to access additional project sections, including story drops and other “surprises.” After they’re released, only the people who have linked their Coinbase wallets to the site can see the films.
According to experts, the upcoming television program will redeem BAYC NFTs. Last month, BIC disclosed that sales of BAYC had dropped dramatically. However, they are still the most popular collection by volume for the previous seven days, according to Cryptoslam. BAYC has seen $28 million in seven-day secondary sales, while the Mutant Ape Yacht Club collection earned $31 million during the same period.
The news of BAYC’s inclusion in a film is huge for the project, but it’s worth noting that several other NFT collections, including World of Women, previously achieved comparable milestones. However, Coinbase’s decision to foray into film production is a first for the Web3 ecosystem.
Coinbase is making its debut with this edition, which will be the first in a series of films based on the Degen Trilogy Bored Ape. Swann described the Degen Trilogy film franchise as follows:
The expansion of the cryptocurrency exchange platform came as Coinbase sets forth its Web3 mass adoption strategy. The exchange previously revealed its NFT platform, dubbed Coinbase NFT, and has now collaborated with Mastercard to make purchases on the platform easier.
