Universal Music Group Buys Bored Ape NFT for $360K

• Universal Music Group spent $360,817 for Bored Ape #5537.
• The ape’s purpose was to be the head of KINGSHIP, a digital music group.
• The music company has been preparing for Web3.

As reported by Reuters Universal Music Group (UMG.AS) has obtained a Bored Ape NFT. This will be the head of a digital music band made of NFT characters. 

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In November, the company collaborated with Bored Ape Yacht Club to create “KINGSHIP,” a virtual NFT band.

Last month, the multibillion-dollar music company and Curio, an NFT platform, formed a partnership to produce digital artifacts for artists.

Earlier in March, Universal Music Group announced an alliance with Billboard. For those who are not in the loop, the music and entertainment publication is also immersing into NFTs. In fact, the partnership aims to develop NFTs honoring notable chart records.

On Friday, Universal’s 10:22 PM label spent $360,817 or 125 ETH to purchase Bored Ape #5537, a non-fungible token from the well-known Bored Ape Yacht Club NFT series. Also, in a tweet from KINGSHIP, the ape was introduced as a female character named Manager Noët All, whose purpose was to guide KINGSHIP to greatness.

KINGSHIP, which exists only in virtual form, created its own website and existence on messaging platform Discord. In addition, they aim to produce music and provide virtual performances in the metaverse.

By 2022, sales of Bored Ape Yacht Club non-fungible tokens had exceeded $1 billion. Celebrities and investors had made it a status symbol.

KINGSHIP will be learning how to produce characters and stories that will give rise to enthusiasm in the metaverse.

Also, Universal’s 10:22 PM creator Celine Joshua said, “We hope to make the KINGSHIP universe as entertaining and immersive as possible”. Moreover, the Web3 label, which discovers and develops artists, brands, digital creators, and intellectual property, promised more to come.

Universal Music Group is a record company behind Taylor Swift, Ed Sheeran, Drake, and many more big names in the music industry. 

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