One of the biggest music labels in the world explores entertainment in the metaverse. Universal Music Group is already home to some of the biggest names in music, but now its 10:22PM label is launch of the music group Kingshipconsisting of some famous NFTs, or non-fungible tokens.
Four virtual monkeys from Bored Ape Yacht Club NFT’s collection includes a “metaverse group,” Universal said Thursday. The team behind Kingship will eventually put on performances and release original music.
“As we would with any artist or creator, my team and I will work with Kingship to refine their vision and develop their unique sound,” 10:22PM label founder Celine Joshua said in a press release. “Each band member has their own unique story and personality that influences and contributes to the overall narrative of Kingships.”
10:22 p.m. will create stories for monkeys and possibly sell NFT performances, giving buyers unique musical experiences, Bloomberg reported. Along with gigs in the metaverse, the band represents a “new area of NFT ownership,” said Jimmy McNeils, the owner of all 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 artworks depicting bored apes. In late October, one sold for $3.4 million. Two of NFT in royalty 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.