- Coinbase releases the first part of the trilogy titled “Run The Chain,” featuring BAYC and ApeCoin.
- Crypto members are struggling to grasp the purpose of the film.
- The SEC filed a case against Coinbase for the unregistered listing of securities on the platform.
American-based crypto exchange company, Coinbase, has recently released the first part of its Bored Ape Yacht Club (BAYC)-a featured movie named “The Degen Trilogy.”
On the other hand, the company’s shares have continued to decline as the US Securities and Exchange Commission (SEC) has opened an investigation into whether the exchange has listed unregistered securities on its platform.
The first part of the trilogy was shared on the official Twitter account of the platform. The five-minute movie, titled “Run The Chain,” features dozens of BAYC non-fungible tokens (NFTs) and ApeCoin, Ethereum-based governance, and the BAYC ecosystem utility token.
THE DEGEN TRILOGY: PART ONE— Coinbase (@coinbase) July 26, 2022
⛓️RUN THE CHAIN⛓️
Here’s a first look at what we’ve been building with the community 👀📽️ pic.twitter.com/RSV6McnMlw
As per the previous reports, Coinbase officially announced on Twitter in mid-April that the company would be “creating an interactive three-part film featuring” the Apecoin and BAYC communities.
The exchange also mentioned a few steps to help and guide BAYC NFT holders on how to have their NFTs featured in the film at the time. Additionally, Coinbase’s official Twitter account reminded users that if they want their NFTs to be featured in the upcoming series of the trilogy, they need to have a profile first on the exchange’s NFT marketplace.
However, it was seen that the crypto community seemed to be struggling to grasp the movie and its purpose. According to the users, the exchange has chosen a horrible time to release its featured movie.
One of the Twitter users mocked and said, “Great situational awareness and timing to drop this today!” The SEC probably laughing at them behind closed doors.
The SEC has already filed a case against Coinbase in accordance with the listed digital asset, and all of this has given the exchange’s shares to keep plunging amid this increased scrutiny.
As per the reports, Cathie Wood’s Ark Investment Management recently sold more than 1.41 million shares of COIN for a total value of around USD 75 million.