Are you ready for “Planet of the Bored Apes'”?
Cryptocurrency exchange platform Coinbase Global (COIN) said it is planning to make a film trilogy dedicated to the Bored Ape Yacht Club, the most valuable NFT in the world.
Non fungible tokens, or NFTs, are a way of owning a piece of digital content, be that a photo or a gif.
The first film will premiere at NFT.NYC in June and the trilogy will be made available to those with a Coinbase wallet. The series has been dubbed “The Degen Trilogy.”
In a follow up tweet, Coinbase said “Here’s how you can help us make this movie: Get @CoinbaseWallet, Submit your Bored Ape. Hide an easter egg.”
Bored Ape owners may submit their Bored Ape NFTs, along with a made-up backstory or description related to their Bored Ape NFT character, to degentrilogy.com.
The character descriptions will be reviewed by a Hollywood casting director.
If their Bored Ape NFTs are chosen, they will be featured in the adventure film series and will receive $10,000 as licensing fee paid in ApeCoin or bitcoin.
‘I’m Down to Make a Movie’
“Ok sending my Bored ape to you.. thanks,” one person tweeted.
“I’m down to make a MOVIE,” another said.
Yuga Labs is the company behind the Bored Ape Yacht Club.
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Yuga makes money by selling the NFTs and also getting a small percentage when the NFT is resold on the blockchain.
The Bored Ape Yacht Club is by far the company’s most popular collection. Celebrities like Paris Hilton, Jimmy Fallon and Eminem all have their own special apes.
Pop singer Madonna recently announced that she was a part of the BAYC.
The films will also feature the ApeCoin project, a crypto token endorsed by Yuga Labs and controlled by the ApeCoin DAO, that launched last month.
Only a billion will be minted, or only about 47% will be distributed to the general public over time.
Yuga also announced last month that they had acquired the rights to the CryptoPunks and Meebits NFT collections from creator Larva Labs.
‘Looming Retail Price Pressure’
Coinbase is planning to launch Coinbase NFT, a marketplace dedicated to non-fungible tokens.
This marketplace will initially be accessible only to people residing in the United States, but Coinbase plans to open it to other countries thereafter.
Meanwhile, Mizuho analyst Dan Dolev lowered his price target on Coinbase to $150 from $190 and keeps a Neutral rating on the shares, according to The Fly.
Dolev’s analysis of prominent crypto exchanges suggests that Coinbase may be losing market share.
He said in a research note that “the rapid ascent of competing exchanges like Crypto.com as well as others makes us increasingly worried about looming retail pricing pressure and the long-term sustainability of COIN’s business model.”
Dolev said he is worried that heightened competition will only increase the need to further boost marketing spend, which is likely to continue to weigh on Coinbase’s EBITDA beyond 2022.