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A few months ago, Coinbase revealed the launch of its first media project that would feature the Bored Ape Yacht Club NFT collection and its sister cryptocurrency, Apecoin. Yuga Labs, the creator of BAYC, partnered up with Coinbase to produce a series of three animated short films, with the movie series being titled 'The Degen Trilogy'. This is a first-of-its-kind publicity initiative taken up by Coinbase. Characters in these movie series will be based on specific Bored Ape NFTs. In fact, the token holders are also requested to submit their own character descriptions that will be judged and selected by a Hollywood casting director.
But unfortunately, the first-ever publicity by Coinbase has failed to satisfy the media and the crypto investment communities. The reaction to the first installment of 'The Degen Trilogy' was a unanimous NO. Amid continuous financial struggles, Coinbase has failed to realize its first NFT media strategy. With a continuous waste of talent, effort, and finances, Coinbase is on the verge of facing intense scrutiny by the investment community. After the massive crypto market meltdown, Coinbase's recent failures might cost the crypto exchange quite extensively.
Coinbase is expected to handle the movie production through its media arm led by entertainment culture marketing director William Swann. The release of 'The Degen Trilogy' is said to coincide with the launch of the CoinbaseNFT, a peer-to-peer marketplace allowing users to discover, mint, purchase, and showcase NFTs. Coinbase might be the first platform that took NFTs to movies and entertainment, but the media industry has been partnering with NFTs for quite some time.
Even though the first part of 'The Degen Trilogy' did not receive positive reviews, it certainly has garnered a lot of attention. The reviewers said that the mini-movie's plot is extremely confusing and also the objective of the promotion is also quite obscure. Amid Coinbase's continuous financial struggles and the investigation led by the SEC, it might become extremely difficult for the firm to reinstate itself in the crypto market. Lately, almost all crypto assets are unstable, which has deeply affected crypto businesses. Coinbase is just another firm that is facing massive financial troubles due to these reasons.
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