Token holders who want to see their avatars in the next parts of the trilogy must register on the Coinbase NFT platform

Coinbase releases movie with the characters of the Bored Ape Yacht Club NFT collection

28.07.2022 - 10:30

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2 min

What’s new? Cryptocurrency exchange Coinbase has released a movie based on the Bored Ape Yacht Club (BAYC) NFT collection, created by Yuga Labs. The first part of The Degen Trilogy is called Run The Chain. The five-minute video mentions the native token of Yuga Labs’ projects, ApeCoin (APE), in addition to the collection’s characters. The asset has gained 13,4% in 24 hours and is trading at $6 523 as of July 28, 10:30 UTC, according to Binance. Coinbase said that token holders who want to see their characters in the next parts should register on the Coinbase NFT platform.

More details about the release. Coinbase announced the trilogy release back in April. Probably, such a promotional campaign should draw audiences to the exchange’s NFT marketplace. According to Dune Analytics, Coinbase NFT is heavily underperforming its competitors. In April, the marketplace’s trading volume reached $3,8 million, nearly 1700 times less than OpenSea’s at that same time.

The crypto community was skeptical of the movie. Many Twitter users wrote that they did not quite understand its meaning or purpose. Some also noted that the wrong date for the release was chosen because of the start of the SEC’s investigation into Coinbase on suspicion of trading unregistered securities.

Also on the eve of the release, it became known that the funds of ARK Invest, one of the exchange’s largest shareholders, sold part of their shares of Coinbase (COIN) worth $75 million. Herewith, according to Investing.com, they gained 11,15% per day and are trading at $58,83.

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