On Tuesday, Coinbase released a short film that has it all — skydiving, underground bare-knuckle boxing, and a motley crew of determined crypto “degens” battling it out. The only thing that doesn’t have a consensus is whether it was good or not.
The first installment of the three-part film announced back in April when NFTs were hot, the film featured characters from the Bored Ape Yacht Club and was rated “PN” (probably nothing—a popular phrase in crypto jargon. It opens with a lumbering narrator, later introduced as economics professor Gary Rifken, a boxer in Fight clubesque basement surrounded by noisy fans.
During five minutes of animated action sequences, Rifken takes the audience through a “Web3 Duel” where he competes against four other “degens” for a chance to win a coin. The film ends with the protagonists entering a “money zombie” liar, before a “sequel” flash.
The film’s cliffhanger ending left some on the edge of their seats, but others were unimpressed. The film was released after news broke that the Securities and Exchange Commission was investigating whether a crypto exchange was offering unregistered securities on its platform.
One Twitter user, whose online handle is @0xMerp, criticized Coinbase’s timing with the announcement.
“Coinbase stock is going to zero and they’re just sitting here making videos. shilling apecoin can’t make it up,” @0xMerp wrote on Tuesday.
Several other Twitter users also criticized the timing of the video, including London-based software engineer and Web3 skeptic Stephen Diehl.
“What do they put in the coffee at Coinbase? The feds are investigating them and their response is to release this video which I can only describe as a deranged acid trip. I hope their shareholders are planning an intervention, because this looks like rock bottom,” Diehl tweeted on Tuesday.
Jason Don, creative director of bitcoin trading app Swan Bitcoin, who calls himself “Brekkie von Bitcoin” on Twitter, went further, calling the film “disgusting.”
“Coinbase fetishizes degeneracy and bastardizes everything Bitcoin stands for. There is so much wrong there that I don’t even know where to start,” he wrote in a tweet on Tuesday.
At the same time, some gave the short film two thumbs up, including a crypto influencer whose Twitter handle is tropoFarmer.
“surprisingly good, the writing isn’t terrible and the vfx+design are beyond expectations,” tropoFarmer tweeted on Tuesday.
Another cryptocurrency founder, Erik Voorhees, CEO of crypto exchange ShapeShift.io, also said they liked the movie.
Ryan Selkis, founder and CEO of crypto-intelligence firm Messari, said he thought the film was “creepy” but backed Coinbase to be a reliable custodian of crypto.
“What’s not creepy: They were Fort Knox crypto (no major hacks or vulnerabilities ever), zero to one on ramp for tens of millions of retail users (including me), heavily taxing personal wallet (unlikely to sell off for privacy reasons) ,” Selkis wrote in a tweet on Tuesday.
The new short film comes at a time when Coinbase is in increasingly hot water. On Tuesday, the company’s stock plummeted 21% after news of the Securities and Exchange Commission’s investigation broke. Several funds controlled by Ark Invest CEO Cathie Wood sold millions of Coinbase shares for the first time this year on Tuesday.
Shares of Coinbase recovered about 9.8% on Wednesday afternoon, but are still down more than 75% since the start of the year.
Sign up for Fortune features email list so you don’t miss out on our biggest features, exclusive interviews and research.