Image Credit: Universal Music Group
Universal Music Group’s next-gen Web3 label 10:22PM has formed a new group of four characters from NFT project Bored Ape Yacht Club.
It seems NFTs are here to stay, with UMG and their subsidary 10:22PM forming KINGSHIP. 10:22PM describe themselves as a next-gen Web3 label, discovering, developing and empowing artists, digital creators and brands through new technology and platforms. KINGSHIP are a new group consisting of four NFT characters from Bored Ape Yacht Club. 10:22PM will help the group develop and release new music, NFTs, community-based products, activations and experiences in the metaverse. Bored Ape and Mutant owners will have early access to all KINGSHIP NFTs, experiences and narrative selection.
In April 2021, Bored Ape Yacht Club was formed after the creators minted 10,000 unique NFTs, giving collectors 100% of the monetization rights to the characters. With these selling out, the creators launched Mutant Ape Yacht Club in August, a collection of 20,000 mutant versions of the original apes. Bored Ape Yacht Club is thought to have generated $542 million in lifetime sales.
Not much else is known about the KINGSHIP project beyond the statements below:
Creating KINGSHIP has been incredibly fun and imaginative. I started 10:22PM to push the boundaries of innovation in the music industry and with KINGSHIP, we’re literally inventing what’s possible in real time. Just as we would with any artist or creator, my team and I will work with KINGSHIP to sharpen their vision and develop their unique sound. Each member of the group has their own story and personality that influences and contributes to KINGSHIP’s overall narrative. Through music and events across the metaverse, we will bring the Apes in KINGSHIP to life by building communities and utility, and entertaining audiences around the world.Celine Joshua, Founder, 10:22PM
This deal is a leading example of how powerful commercial rights are for collectible NFT projects and their collectors. I’m incredibly excited to explore this new area of NFT ownership with Celine Joshua and 10:22!Jimmy McNeils, Founder, nft42