Universal Music Goes NFT, Creates ‘Virtual Band’ Made Up Of Four Monkeys

kingship

The purchase of non-fungible tokens is a wonderful world where anything can happen, including the creation of a group of virtual monkeys named Kingship, who have never played a single note of music. Behind the concept, a marketing stunt from record giant Universal Music, which senses the business opportunity behind the NFT craze and the early days of metaverse.

At the origin of the project, Jim McNelis, a man who bought a collection of virtual figurines and who expects to see a good return on his investment.

A 100 million dollar collection, and bananas

There is nothing very artistic in the approach of this crypto investor who already owns CryptoKitties. He procured several hundred NFT apes from the Bored Apes Yatch Club collection. By purchasing the rights to these figurines – the golden monkey, the alien monkey, and the other two – he acquired the right to supply them to Universal Music, which was quick to announce the formation of NFT’s first band.

The attentive observer will have noticed: these monkeys strangely resemble the characters of Gorillaz, Damon Albarn’s virtual group created in 1998. Except that here, there is no music planned for the moment, even if Celine Joshua, spokesperson for Universal Music, assures that ” these characters and their universe will come to life very soon “.

When we talk about a group of NFT primates, we have the right to ask ourselves: is this world serious, and who will play the bass? For now, it’s hard to see anything other than a multinational trying to seize, in its own way, the NFT phenomenon to profit from it.

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See you in the metaverse

NFTs still command high prices and will be an integral part of the virtual landscape for years to come. The golden monkey, for example, went for $190,000 on the OpenSea auction platform. The market is experiencing dizzying growth and the volume of sales has largely exceeded one billion dollars for these digital works which do not always have great aesthetic interest, but which represent significant transfer rights.

However, the future of this group of monkeys is yet to be written. Kingship, the name of this new kind of “music formation”, could become the flagship of a decentralized web, centered on the metaverse, or simply sink.

Source : Bloomberg

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