Coinbase halts plans for Bored Ape Yacht Club NFT short film trilogy

the summary

  • Coinbase has confirmed to Decrypt that production of its “Degen Trilogy” short film series, titled Bored Ape Yacht Club, has paused.
  • The first entry received very negative reviews when it was released in July. The NFT market has dropped significantly since the chain was announced in April.

on top of the Monkey Yacht Club Boredom hype earlier this yearAnnouncing the cryptocurrency exchange Coinbase A trilogy of short films Inspired by NFT During the lead-up to the launch of the exchange’s NFT market. But after releasing the first record in July, the company confirmed it Decrypt Today it has paused further production of the series.

“We are constantly evolving our content strategy and have decided to pause production on the remaining two films while we determine the best path forward for the creation,” a Coinbase spokesperson said. Decrypt. “We will continue to focus on more immediate creative endeavors.”

The spokesman refused to disclose the reasons for stopping production.

The Degen trilogy has received the blessing of the creator of the Bored Ape Yacht Club Yoga Labs, and was supposed to contain several bored monkey characters provided by the owners. Coinbase’s terms say it will pay out $10,000 bitcoin or ApeCoin to the owner of each selected monkey, in exchange for licensing rights to the films.

It was the first part It was released in July across YouTube and social media platforms, with a five-minute CG-animated short featuring human characters on an ApeCoin-themed chase in a skyscraper full of “money zombies” — with a few brief bored monkey appearances.

she was widely criticized by the NFT community, with commenters on social media knocking over the confusing story, long credit sequence, and lack of meaningful Bored Ape Yacht Club elements in the initial post.

The timing was also considered unfortunate by some, as the movie was released after Coinbase About 1,100 people were laid off in June. Imagine getting kicked out by Coinbase [because] They couldn’t pay you, and then they came up with this.” chirp NFT artist pseudonym, Hawkward.

After the layoffs, a lot changed from the April announcement to the July launch. The NFT space that was once flying Struggle hard next The cryptocurrency market crashed in MayBored monkeys lost a lot of value over the same period, and Coinbase’s long-awaited NFT market Failed to gain traction after launch.

Months later, it didn’t get any better. NFT sales It continues to decrease month after monthMonkey Quotes bored lately It fell to less than $60,000from down from $429,000 peak in ETH In April – and the Coinbase stock price crashed to an all-time low Amidst the ongoing market struggles.

Coinbase NFT market has collapsed Only 7 million dollars in turnover Since launching in April. That’s less than market leader OpenSea usually manages in one day. Coinbase Chief Product Officer Surojit Chatterjee, who oversaw the launch of the marketplace, said: He left the company in November Before More repetitions.

in interview in August With journalist Laura Shinn on the Unchained podcast, Chatterjee admitted that the first entry in the Degen trilogy “might not have hit the mark” for “some people” and said it was “something our marketing team tried”. Quoted from Coinbase’s Live Super Bowl ad This year, he added: “Some things are more successful than others.”

Fall though Ethereum Asset prices Bored Ape Yacht Club continues to be one of the most popular and successful NFT projects to date, More than $2.5 billion in trading volume since its inception in April 2021. Yuga Labs has launched a series of follow-up NFT pools, including land banknotes for the upcoming season. Another metaverse game.

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