Coinbase’s much-anticipated Bored Ape Yacht Club (BAYC) short series has finally announced its discontinuance in light of current market conditions, months after its first entry went live.
Following the release of the first volume in July 2022, the company confirmed to Decrypt that it has halted production for the next two volumes, a Coinbase spokesperson said.
“We are evolving our content strategy and have decided to pause production of the remaining two films while we identify the best path forward for the creative,(…). We will continue to focus on more immediate creative endeavors.”
Amidst the peak of hype about the NFT Bored Ape Yacht Club (BAYC) collection in early 2022, the largest US exchange Coinbase has unexpectedly announced a trilogy of short films exclusively dedicated to the project named “Degen Trilogy” during the launch of the exchange’s NFT Marketplace.
Coinbase’s terms stipulate that it will pay $10,000 worth of Bitcoin (BTC) or ApeCoin (APE) rewards to owners of each selected NFT BAYC, in exchange for licensing rights to the movies.
The first season, themed “RUN THE CHAIN”, was released in July 2022 via YouTube and other social media platforms, with a roughly five-minute trailer introducing human characters in the treasure hunt. ApeCoin themed. However, the trailer has been widely criticized by the community, because the story content is quite confusing, mainly shilling too much for APE.
Due to the prolonged crypto winter that caused Coinbase to have to lay off employees plus the general downturn, the “heat” of BAYC also cooled, causing the NFT BAYC floor price to quickly reach the bottom of 2022.
Besides, BAYC is also involved in many controversies such as promoting fascism or a legal dispute with the SEC in June 2022.
Interestingly, in an August 2022 interview with journalist Laura Shin on the Unchained podcast, Surojit Chatterjee also admitted that the goal in the Degen Trilogy may not have worked for some users and said that’s what the Coinbase development team was trying to test.
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