MBW’s Stat Of The Week is a series in which we highlight a single data point that deserves the attention of the global music industry. Stat Of the Week is supported by Cinq Music Group, a technology-driven record label, distribution, and rights management company.
In November, Universal Music Group‘s Web3 label 10:22PM launched a virtual band called KINGSHIP, whose members include four Bored Ape Yacht Club NFTs.
Since then, UMG has been building out the KINGSHIP brand, with the purchase of a Bored Ape NFT for $350,000 to serve as the band’s ‘manager’ and a flurry of trademark applications that hinted at crypto and merch plans.
Universal’s 10:22PM also signaled plans for a virtual world based around KINGSHIP as well as an NFT collection of so-called access-enabled Key Card NFTs to allow access into the virtual world.
KINGSHIP’s label has revealed this week that the virtual band’s entire collection of those NFTs, 5,000 of them, sold out on Friday (July 15).
The NFTs became available to mint starting Thursday, July 14, and 10:22PM says that NFTs No.1 through to No.300 sold out “in minutes”.
The primary sale price set for the 5,000 NFTs was 0.19 ETH, which at current exchange rates is approximately $286. With all 5,000 NFTs selling out, at least $1.43 million was generated from the primary sale.
A single NFT from the collection KINGSHIP (#999) is currently for sale on OpenSea with a price tag of 999 ETH (approx. $1.5m).
10:22PM says that the 5,000 NFTs sold last week will allow buyers to access the group’s virtual world as well as unlock products, experiences and a token-gated community.
The label also says that the collection ranked No.1 on NFT exchange OpenSea’s Music Chart and ranked as the marketplace’s No.1 Trending NFT collection across all categories on release day.
According to 10:22PM, the team behind KINGSHIP includes Grammy award-winning recording artists, songwriters and producers, celebrity animator Jack Lanza and prominent NFT collector Jimmy McNelis, a.k.a. J1mmy.eth.
“I’m grateful to our team, partners, and to the community for this incredibly successful sold-out mint.”
Celine Joshua, 10:22PM
“I’m grateful to our team, partners, and to the community for this incredibly successful sold-out mint,” said Celine Joshua, founder of 10:22PM and the creator of KINGSHIP.
“We’re artist world building with blockchain technology, creativity, and speed. The sold-out genesis Key Card is only the beginning of our new journey together.”
Cinq Music Group’s repertoire has won Grammy awards, dozens of Gold and Platinum RIAA certifications, and numerous No.1 chart positions on a variety of Billboard charts. Its repertoire includes heavyweights such as Bad Bunny, Janet Jackson, Daddy Yankee, T.I., Sean Kingston, Anuel, and hundreds more.Music Business Worldwide