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Coinbase recently announced a collaborative effort to create an interactive film series entitled "The Degen Trilogy," featuring Bored Ape Yacht Club NFTs in leading roles.
Just when you were getting used to the idea of Bored Apes making music videos, along comes a Coinbase project to develop a film trilogy starring the winsome simians.
The cooperative venture with BAYC creators Yuga Labs and ApeCoin is being billed as an interactive three-part film series.
Holders of the hugely popular Bored Ape Yacht Club NFTs were able to submit their NFTs for ”casting” right away (through April 13), while Mutant Apes must wait for part two of the trilogy to be immortalized on the silver screen. It was unclear how many apes Coinbase was choosing in total.
Holders of chosen BAYC NFTs will be paid a lifetime licensing fee of $10,000 in ApeCoin or Bitcoin, deposited into their Coinbase account. The license will be attached to the NFT, so if it’s sold, the license automatically goes with it. The license payment happens only once, so it’s a private matter between buyer and seller.
According to Coinbase's Culture Marketing Director, William Swann, BAYC creators (and copyright holders) Yuga Labs are not directly involved with production but have a voice in approving the film. In a February interview, Yuga Labs CEO Nicole Muniz described each BAYC NFT as a “key to a club,” hinting vaguely at numerous future projects.
The first film is set to premiere at the fourth annual NFT.NYC held June 20-23, 2022, an industry event that Coinbase refers to as “The Superbowl of NFTs.” What appears to be a trailer appeared on YouTube on March 19, the day after the launch of ApeCoin.
The Degen Trilogy is set in the near future in Midtown Manhattan, where digital goods and services are the primary measure of market value. It features the Degens, a “new class of social adept, versed in the constantly re-invented tools of an ever accelerating economy."
Coinbase said that although it does not expect the films to be profitable, net proceeds will be donated to a non-profit organization. According to a Coinbase spokesperson, the purpose of this series is to "reward and connect with our communities through projects that bring the ethos of Web3 to life: collaboration, transparency, and opportunity."
Not coincidentally, The Degen Trilogy also serves as an excellent way to promote the upcoming launch of Coinbase NFT, announced in October 2021 but not yet live. It also hints at Yuga Labs having bigger long-term plans than just releasing graphic art for collectors. What those plans are, Muniz isn’t saying.
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