One of the world’s largest music labels is exploring entertainment in the Metaverse. Universal Music Group is already home to some of the biggest names in music, but now its 22:22 label is launching the Kingship music group, made up of some famous NFTs, or non-fungible tokens.
Four virtual monkeys from the NFT Bored Ape Yacht Club collection constitute a “metaverse group,” Universal said Thursday. The team behind Kingship will eventually give performances and release original music.
âAs we would with any artist or creator, my team and I will be working with Kingship to refine their vision and develop their unique sound,â CÃ©line Joshua, founder of the 10:22 pm label, said in a statement. “Each member of the band has their own story and personality that influences and contributes to the overall Kingships narrative.”
10:22 p.m. will create stories for the monkeys and eventually sell NFT performances, providing buyers with unique musical experiences, Bloomberg reported. Along with gigs in the Metaverse, the band represents a “new area of ââNFT ownership,” said Jimmy McNeils, owner of the four NFTs that make up the band.
NFTs have already made a lot of money for some owners. The Bored Ape Yacht Club is a collection of thousands of unique digital artwork depicting bored monkeys. At the end of October, one of them sold for $ 3.4 million. Two of Kingship’s NFTs are currently valued at around $ 125,000, according to OpenSea, an online NFT marketplace.
It’s unclear when the first performance or musical NFT will be available to potential fans. Universal Music Group did not immediately respond to questions about a timeline.