Coinbase unveils the first part of a trilogy featuring characters from the BAYC NFT collection

Coinbase unveils the first part of a trilogy featuring characters from the BAYC NFT collection

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Cryptocurrency exchange Coinbase has tweeted the first part of its movie featuring characters from the Bored Ape Yacht Club collection of non-fungible tokens.

The interactive film is called The Degen Trilogy. Coinbase announced the creation of the trilogy back in mid-April, and has now unveiled its first part, RUN THE CHAIN. This is a five-minute film featuring the Bored Ape Yacht Club NFT collection and the Ethereum-based ApeCoin token, which has become an important component of the BAYC ecosystem. Coinbase stated that users who wish to see their BAYC collectible tokens in the second and third parts of the film must register on the Coinbase NFT marketplace.

Perhaps this marketing ploy is due to the fact that after its launch, the new Coinbase platform was unable to attract a sufficient number of users. According to Dune Analytics, its trading volume is about 2,000 times less than that of the most popular platform OpenSea.

The first part of the trilogy was published days after the US Securities and Exchange Commission (SEC) launched an investigation into Coinbase executives. The agency accused them of trading in digital assets that are considered securities. The accusations of the regulator contributed to an even greater fall in Coinbase shares. In addition, analysts at Goldman Sachs already downgraded Coinbase to Sell in June.

Therefore, some members of the cryptocurrency community believe that Coinbase chose the wrong time to release the film, citing the current market decline and the SEC investigation into the exchange. As one Twitter user wrote wryly, “Coinbase is well aware of the situation and has decided to release the first part of the film today. Now the SEC is laughing at them behind closed doors.”

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