Universal Music Group’s Web3 label 10:22PM is launching a virtual world for its Bored Ape NFT band KINGSHIP.
According to a media statement issued this week, 10:22PM will also be releasing 10,000 of what it calls “access-enabled Key Cards” in the form of NFTs.
Universal says that these NFTs will grant their buyers access to the group’s virtual world as well as music, products and token-gated experiences.
The price for each of these NFTs during an early ‘Allowlist’ access period, starting on Saturday (May 14), will be 0.19 Ethereum, which is approximately $456 at the time of writing,
After that, from Monday May 16, they’ll cost 0.3 Ethereum (approx $720) for the general public.
If 10:22PM were to sell every one of these NFTs, even at the lower price of $456, then the release could generate at least $4.5 million for 10:22PM.
KINGSHIP was launched in November by UMG’s 10.22pm, a subsidiary set up by former Sony exec Celine Joshua.
Universal says that KINGSHIP’s team also includes Grammy award-winning recording artists, songwriters and producers, celebrity animator Jack Lanza and prominent NFT collector Jimmy McNelis, a.k.a. J1mmy.eth.
According to Joshua, the launch of the NFT collection for KINGSHIP marks “the beginning of our roadmap for an expansive world” based around the virtual characters.
This week’s virtual world announcement marks the latest phase of KINGSHIP’s roll out. In February, 10:22PM revealed that it had acquired a Bored Ape NFT called Manager Noët All (Bored Ape #5537) for the equivalent of $360,000 to serve as the manager for the virtual NFT band.
UMG said at the time that the purchase made it the first label at a major music company to own “one of the popular NFT characters and become a member of the Bored Ape Yacht Club Community”.
The Bored Ape community includes owners of one of the 10,000 Bored Ape Yacht Club NFTs, a series of collectible virtual characters that can command hefty price tags. One was sold for over $2.8 million in January.
Last month, Universal filed several trademark applications for the ‘Manager Noët All’ NFT.
“This is only the beginning of our roadmap for an expansive world that will provide this community with an incredible journey and interactive storytelling.”
Celine Joshua, 10:22PM
Celine Joshua, founder of 10:22PM and the creator of KINGSHIP, said: “With KINGSHIP, the impossible is possible.
“These Key Cards not only provide entry to the world of KINGSHIP, they are also an entirely new way to introduce artists and music.
“They are also a way to serve our superfans with exclusive content, products and token-gated experiences
“This is only the beginning of our roadmap for an expansive world that will provide this community with an incredible journey and interactive storytelling.”Music Business Worldwide