NFT

Coinbase takes on Hollywood with a Bored Ape Yacht Club (BAYC) film trilogy

Coinbase is making a film series on Bored Ape Yacht Club. Credit: Degen Trilogy

YEREVAN (CoinChapter.com) – Blue-chip NFT project Bored Ape Yacht Club (BAYC) from Yuga Labs is going to Hollywood, thanks to cryptocurrency exchange Coinbase. According to reports, Coinbase will produce a film trilogy sequence titled “The Degen Trilogy” featuring some of the Apes from the collection.

The film, which will debut in June, is largely seen in the context of the long-awaited launch of the exchange’s NFT marketplace.

The news appears to be a new milestone for the Yuga Labs, coming only weeks after the ApeCoin (APE) launch and the acquisition of the iconic CryptoPunks NFT collection by the company.

Since its launch, the Bored Ape Yacht Club (BAYC) has become the most coveted NFT collection. It has roped in many celebrities and famous personalities from various industries, bringing its overall trade volume to nearly 489,000 ETH. In fiat currency terms, that number amounts to over $1.4 billion.

“Coinbase is committed to providing creative events that reward and connect with our communities through projects that bring the ethos of Web3 to life: collaboration, transparency, and opportunity,”
the team claims on the project’s official website.

NFT holders from other Yuga Labs projects will not be left out either. According to the production team, “Mutant Ape holders will have their chance in July.”

Have a Bored Ape? Auditions are open on Coinbase.

Coinbase claims to ensure transparency and collaboration in the film. For example, the company has already invited Bored Ape owners to submit their apes for consideration as characters in the trilogy.

To ensure community participation in the film’s plot, each NFT owner can create a backstory for their BAYC NFT. If selected, holders will receive $10,000 from Yuga Labs in licensing fees. The company will pay the rewards in either Bitcoin (BTC) or Ape Coin (APE).

BAYC Ape holders can submit their NFTs to feature in the film. Credit: Degen Trilogy

However, not all BAYC holders are happy with the 3 ETH licensing fee. A few of them have taken to Twitter to express their disagreement, blaming Coinbase for trying to lowball them. According to some, the company should pay them at least $100,000 to get IP rights. Others have demanded a minimum of $250,000.

“As someone that has successfully negotiated a 6 figure licensing deal for one of my Apes, this 10K offer from Coinbase to use your IP in a movie is straight trash. Apes stand together, know your worth and reject this low ball offer,”
Ape holder King Black Bored wrote.

Some users also pointed out how unreasonable such expectations are. According to them, Coinbase can buy a BAYC NFT near that price and has no reason to shell out that much money.

Once completed, the film will also boost the adoption of the Coinbase wallet. Users cannot view the film unless they download and register with the exchange’s wallet to gain access. Moreover, as the film’s website informs, all proceeds will go to charity.

Until then, we have to wait to see what happens with The Degen Trilogy by the time the NFT NYC convention takes place in June.