The Universal Music Group (UMG) has bought its very own Bored Ape NFT as part of its plan to turn Apes into a band called Kingship for the metaverse. The major record label acquired Bored Ape NFT #5537 for 125 ETH, worth about $365,000 at the time of purchase on February 12.
UMG’s BAYC non-fungible token features an Ape in a blue dress, pilot’s hat, and white fur. It will be used to create a character called “Noet All”. Moreover, this character will serve as the manager of the fictional band. UMG, through the Twitter handle @therealkingship, tweeted that she (Noet All) and the band have been busy working on top-secret schemes. It also said that Noet All learned that good thing come to those who wait – back in the #BAYC clubhouse days.
Kingship gets is inspiration from Gorillaz – a popular virtual band created by Damon Albarn (musician) and Jamie Hewlett (artist). Nicholas Adler, the band’s real-life manager, had said in November that Gorillaz is the north star for the band. Kingship is inclined towards Web3. It has plans to perform concerts in online metaverse spaces. It also intends to release its own NFTs.
Adler highlighted that they are exploring everything. Kingship is developing the personalities and NFT drops around them. It also looks into sounds, stories, and narratives as well. Adler said consumers and fans will see the project, music, and the process all online as UMG develops it.
Since its growing popularity, Bored Ape Yacht Club and Mutant Ape Yacht Club NFT characters are being used for commercial purposes by owners. The purposes range from merchandise to cannabis brand packaging and an upcoming fast-food restaurant in Los Angeles.