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The first part of "The Degen Trilogy," a movie featuring Bored Ape Yacht Club (BAYC), has been made available via the cryptocurrency exchange Coinbase. As the US Securities and Exchange Commission (SEC) opened an investigation into whether the exchange had listed unregistered securities, the company's shares have declined. On Tuesday, Coinbase released what looks to be the first chapter of their trilogy. The five-minute film, titled "RUN THE CHAIN," incorporates numerous BAYC non-fungible tokens (NFTs) as well as ApeCoin, governance and utility token of the BAYC ecosystem based on Ethereum (ETH). https://twitter.com/coinbase/status/1551975883216388097
BAYC and Apecoin Communities to Feature
The BAYC and Apecoin communities will be featured in an interactive three-part film, Coinbase's official Twitter account, teased in mid-April. The exchange at that time provided a list of instructions for BAYC NFT holders on how to get their NFTs included in the movie. In a subsequent post, Coinbase's official Twitter account said that individuals who wish to have their NFTs included in the future Parts 2 and 3 must register on the exchange's NFT marketplace. https://twitter.com/coinbase/status/1551976182576402432 The SEC is looking into whether Coinbase displayed digital assets that should have been registered as securities, causing the continuous decline in the exchange's stock price. According to a report, Cathie Wood's Ark Investment Management sold more than 1.41 million COIN shares on Tuesday for a total value of around USD 75 million, further boosting investor confidence in Coinbase. On the same day, the value of Coinbase Global's stock fell by nearly a fifth. The fact that Ark traded at a low of USD 53 shows that the company may have thought that COIN's losses may widen over the next few days.