Announced a trilogy of short films inspired by the nft project of the bored ape yacht club earlier this year. the films were intended to feature various bored ape characters submitted by their respective owners and coinbase had agreed to pay $10,000 worth of bitcoin or apecoin to the owner of each chosen ape, in exchange for licensing rights. the first installment of the trilogy was released in july.
Crypto market crash in may and coinbase’s nft marketplace launch failing to generate any traction led to a significant decrease in value for bored apes, and as a result, coinbase has paused production of the remaining two films and is now focusing on more immediate creative endeavors. nft sales have continued to decline and bored apes prices have dropped below $60,000. coinbase’s stock price has also plummeted to a new low due to ongoing market difficulties and the nft marketplace has seen only $7 million in trading volume since its launch in april.
Had laid off about 1,100 people in june and chief product officer surojit chatterjee, who had overseen the launch of the nft marketplace, departed the company in november. the bored ape yacht club has earned more than $2.5 billion in trading volume since its mint in april 2021, while yuga labs has released several nft collections, including land deeds for the upcoming otherside metaverse game. despite these developments, coinbase’s nft marketplace launch failed to generate any traction and the crypto market crash in may resulted in a significant decrease in value for bored apes. as a result, coinbase has paused production of the remaining two films and is now focusing on more immediate creative endeavors.
https://decrypt.co/116346/coinbase-pauses-bored-ape-yacht-club-nft-film
