World’s leading music company, Universal Music Group, just bought a Bored Ape non-fungible token (NFT) to lead its metaverse music group called KINGSHIP.
The non-fungible token (NFT) market has ballooned into a $35 billion industry according to the investment bank Jeffries, and its on pace to become an $80 billion industry by 2025. NFTs can be used for much more than just certifying digital art pieces and collectibles. For one, NFTs are already revolutionizing in-game purchases in video games.
NFTs have potential uses in the ticketing industry. They could be used to represent tickets to a sports event or a concert, ensuring that every attendee has original access. Additionally, physical land could one day be represented on a blockchain as an NFT, which would contain all its attributes, such as its size, location and current price.
KINGSHIP- The Virtual Music Band
In the latest development, media behemoth, Universal Music Group’s Web3 label revealed it purchased the Bored Ape Yacht Club (BAYC) non-fungible token (NFT) for more than $360,000. The digital piece of artwork will become the female manager for the first-ever metaverse group – KINGSHIP. In addition to being identified as the KINGSHIP’s manager, it will be called “Manager Noët All.”
According to the official blog post, KINGSHIP is an entirely virtual music group which will have its own website and presence on messaging platform Discord, and will eventually produce new music and give virtual performances in the metaverse. Like Manager Noët All, all the band members are NFTs – three Bored Apes and a Mutant Ape.
NFTs To Have Their Own Story And Personality
Celine Joshua, founder and former Sony exec, said she started KINGSHIP “to push the boundaries of innovation in the music industry.” She remarked that each member of the group will have their own story and personality that influences and contributes to Kingship’s overall narrative. Joshua went on to add,
“As the manager of the group, Manager Noët All will help drive the storyline and allow us to communicate with the community. We hope to make the KINGSHIP universe as entertaining and immersive as possible, while simultaneously building value for holders.”
The entire BAYC ecosystem has been experiencing a huge traction during the last two weeks after the NFT’s creators announced the acquisition of the Cryptopunks and Meebits intellectual property. In addition, the community recently saw the launch of the new cryptocurrency, Apecoin (APE) this week and the creation of the Apecoin DAO.
