SNEAK PEEK
- Degen Trilogy” short film series, which has a Bored Ape Yacht Club motif, has been put on hold.
- In the months leading up to the launch of the exchange’s NFT marketplace, cryptocurrency exchange Coinbase announced a trilogy of short films inspired by the NFT project at the height of the Bored Ape Yacht Club hype earlier this year.
- When it was released in July, the first entry drew a lot of harsh criticism. Since the series’ announcement in April, the NFT market has experienced a considerable decrease.
Yuga Labs, who founded the Bored Ape Yacht Club, gave his blessing to the Degen Trilogy, which was meant to include a variety of Bored Ape characters submitted by their respective owners. In order to obtain the licensing rights for the movies, Coinbase agreed to pay the owners of each selected ape $10,000 in Bitcoin or ApeCoin.
THE DEGEN TRILOGY: PART ONE
⛓️RUN THE CHAIN⛓️
Here’s a first look at what we’ve been building with the community 👀📽️ pic.twitter.com/RSV6McnMlw
— Coinbase (@coinbase) July 26, 2022
The development of the final two films will be put on hold while we determine the best course of action for the creative, as we are continually changing our content strategy. We’ll keep putting our attention on more immediate creative projects.
The NFT community panned it heavily, with social media commenters bemoaning the convoluted plot, protracted credits sequence, and absence of significant Bored Ape Yacht Club features in the first entry.
Some individuals thought it was sad that the movie came out right after Coinbase fired roughly 1,100 workers in June. Hawkward, a pseudonymous NFT artist, tweeted, “Imagine getting laid off by Coinbase because they couldn’t afford to pay you, and then they come out with this.”
Beyond layoffs, a lot had changed between the announcement in April and the rollout in July. Following the May crypto market crisis, the once-booming NFT market was in a terrible state, Bored Apes had suffered a considerable loss in value, and Coinbase’s long-awaited NFT marketplace had failed to take off after its debut.
THE DEGEN TRILOGY: PART TWO pic.twitter.com/uCi8DD0T6r
— Cory at Swan Bitcoin (@coryklippsten) July 27, 2022
Monthly NFT sales decline, Bored Ape prices recently fell under $60,000 (from a peak of $429,000 worth of ETH in April), and Coinbase’s stock price has plummeted to record lows amid ongoing market difficulties.
