Universal Music Group Purchased BAYC Ethereum NFT: Report

Universal Music Group just purchased a Bored Ape Yacht Club Ethereum NFT and spent about $365,000 on it so let’s read more about it in today’s latest Ethereum news.

The record label Universal Music Group purchased a BAYC NFT to create a character for the virtual band initaitive Kingship. The Bored Ape NFT owners can use the images for commercial purposes like products, marketing, and more.

The Bored ape Yacht Club NFT holders have the ability to commercialize the owned images and back in November with the major record label Universal Music Group announced more plans to turn Apes into the virtual band for the metaverse called Kingsihp so now the company purchased its own BAYC NFT to expand the initiative. Today, the imprint announced that it acquired Bored Ape NFT #5537 which was purchased in February for 125 ETH or about $365,000 worth at that time. The Ape illustration has attributed e blue dress, the pilot’s that, and white fur which will be used to create a character named “Noet All” and will serve as the manager of the band.
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What’s different about the announcement is that the image is owned by Celine Joshua and it is tied to the ETH NFT which Universal claims makes the first imprint in one of the biggest major record labels to own a Bored Ape. The other members of the band are based on the NFTs owned by Jimmy Mc Neils who noted that the NFT collector and entrepreneur is working with UMG on the project so other public blockchain data shown on the Opensea marketplace suggests that McNeils actually sold the latest NFT to Universal from his personal collection.

Kingship is inspired by Gorillaz which is a virtual band created by musicians Damon Albarn and Jamie Hewlett. Adler described the band’s real-life manager and said that the Gorillaz is the north star for the ban with collaborations being able to create narratives and music for the group. Kingship is leaning into the Web3 origins with mroe plans to perform concerns in the metaverse and release its own NFTs but when asked about his plans, Adler said:

“We’re developing the personalities and [NFT] drops around them. We’re developing sounds; we’re developing stories and narratives. I think that the project, the process, and the music will be something that consumers and fans will see online as we develop it.”

The Bored Ape Yacht Club became one of the best-known projects in the space and to date, yielded more than $2.9 billion in combined marekt trading volume.