The Degen Trilogy is a three-film trilogy set to air during NFT.NYC this June
There are also plans for a series based on Mutant Ape Yacht Club NFTs
Crypto exchange Coinbase has announced that it is collaborating with Bored Ape Yacht Club (BAYC) to create a short animated film based on its NFT characters. Coinbase revealed the news via a tweet shared yesterday, alongside a link leading to the trilogy’s website, plastered with the inscriptions’ Something is Coming.’
Titled The Degen Trilogy, the animated film will be produced by a Hollywood director, with the series set to make its silver screen debut at the NFT.NYC event planned for June 20 – 23. BAYC owners who wish that their NFT characters take part in the film can forward their submissions for selection by the director. Community input will also be taken for the production.
Mutant Ape Yacht Club NFTs holders will have something of their own
Coinbase isn’t, however, stopping there! Mutant Ape Yacht Club (MAYC) NFT owners will miss out on this trilogy, but a separate series is already in the cards for the BAYC mutant versions.
Not so fast
The whole idea of Coinbase’s use of NFT characters has emerged as a source of concern over ownership rights. Art Creator ‘Dippudo’ posted a tweet indicating a screenshot of what seemed to be the term of agreements for those whose Bored Apes would be chosen for the films.
The agreement reads that users would get $10k in either BTC or APE, which Coinbase will add to their Coinbase accounts. While the fee to the original owner of the ape would be a one-time transaction, the ape remains under the license and continues as such into the secondary market.
According to Dippudo, this would mean owners are essentially signing over their perpetual intellectual property rights to Coinbase.
BAYC is ballooning
A first of its kind bored ape NFT-themed restaurant recently opened in Long Beach, California. The restaurant had announced via Twitter on April 9 that it would be accepting ApeCoin and Ether payments. Also, after filing four trademarks for the band leader, UMG is already buying BAYC NFTs towards completing its virtual band.
In addition, with an enlightening environment around it having more events like the $450 million its parent Yuga Labs recently raised, the NFT collection will potentially breach more boundaries.