Universal Music Group buys Bored Ape NFT #5537

Universal Music Group said it bought Bored Ape NFT #5537 for 125 ETH. The new ape will be utilized to create a character named “Noët All,” who will be the band’s manager for its fictional initiative Kingship.

Universal Music Group purchases a Bored Ape Yacht Club NFT
Universal Music Group purchases a Bored Ape Yacht Club NFT

Holders of the Bored Ape Yacht Club NFT can monetize their photos, and big record company Universal Music Group (UMG) announced plans to convert Apes into a virtual band for the metaverse named Kingship in November. To further expand the endeavour, the company has just purchased its own Bored Ape NFT.

UMG’s 10:22PM imprint stated today that it had bought Bored Ape NFT #5537, which was purchased on February 12 for 125 ETH (about $365,000 at the time).

About the new Ape

The Ape picture, which includes a blue outfit, a pilot’s cap, and white fur, will be utilized to create a character named“Noët All,” who will be the fictional band’s manager.

What makes today’s news unique is that 10:22PM (established by Celine Joshua) owns the image associated with this Ethereum NFT, making it the first imprint within a major record label to do so, according to Universal.

The band’s other members are NFTs owned by Jimmy “j1mmy” McNelis, a well-known NFT collector and entrepreneur who is collaborating with UMG on the project.

The newest NFT from McNelis’ personal collection was sold to Universal, according to public blockchain data shown on the OpenSea marketplace.

Gorillaz, the iconic virtual band founded by musician Damon Albarn and artist Jamie Hewlett, inspired Kingship. In November, Nicholas Adler, formerly known as the band’s real-life manager, said that “Gorillaz is the north star” for the group. For the virtual group, collaborators will develop narratives and music.

Furthermore, Kingship is embracing its Web3 roots by planning concerts in online metaverse places and releasing its own NFTs.

When asked about UMG’s plans in November, Adler, who is also Snoop Dogg’s manager and brand curator, stated that everything was still being investigated.

“We’re working on the personalities, and [NFT] is dropping around them,” Adler explained. “We’re creating sounds, as well as stories and storylines.” As we go, I believe that consumers and fans will be able to witness the project, the process, and the music online.”

Record labels and Bored Ape NFT

UMG isn’t the only major record label attempting to make its owned Bored Ape NFT characters into virtual musicians. Timbaland, the music producer, formed his own independent record label for Bored Ape NFT owners shortly after the announcement in November, along with a virtual hip-hop group based on some of the Apes.

Owners have utilized the NFT characters of the Bored Ape Yacht Club and Mutant Ape Yacht Club for a variety of commercial uses, including products, cannabis brand packaging, and even a new fast-food restaurant in Los Angeles.

The Bored Ape Yacht Club has swiftly established itself as one of the most well-known space enterprises. According to CryptoSlam, its collections—which include the Mutant Apes and the Bored Ape Kennel Club—have generated more than $2.9 billion in aggregate secondary market trade volume to far.

An NFT is a blockchain-backed deed of ownership for a single digital asset, such as a solitary ape image, a digital illustration, a video file, or anything else. According to DappRadar, the overall business expanded to $25 billion in trading volume in 2021.

The NFTs have become extremely expensive over time, and a number of well-known celebrities have purchased them. The cheapest Bored Ape NFT currently available on a marketplace costs 93 ETH, or around $272,600.

ApeCoin (APE), a utility and governance token, was created recently and given out for free to NFT owners, with Bored Ape owners receiving 10,094 APE for each NFT they possess. That’s more than $139,000 in free tokens at the current APE price.