Universal Music Group (UMG) created a label 10:22PM to target the metaverse. The label announced the formation of the KINGSHIP, a music ‘group’ consisting of four non-fungible tokens (NFTs) that are Bored Ape Yacht Club characters. 10:22PM is looking to release music, products, digital experiences and non-fungible tokens (NFTs) centered around the metaverse band.
The Bored Ape Yacht Club was launched earlier this year and is arguably one of the most successful NFT projects yet. Similar to CryptoPunks, 10,000 unique caricature-like NFTs were minted and released for sale. The NFTs have specific features such as hats, glasses, and other accessories that vary in scarcity and influence the market value of the characters. At the end of October, a Bored Ape NFT with the gold fur trait, which less than 1% of the minted NFTs have sold for $3.4 million at Sotheby’s, beating the previous record sale of $2.9 million in September.
The fact that a Universal Music Group division is launching a celebrity-like group of these NFTs highlights their standing in the industry.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
