This week, Dutch-American multinational music company Universal Music Group announced the formation of a non-forgeable token (NFT) meta-universe music group called Kingship, which has four Bored Ape Yacht Club (BAYC) NFTs.The announcement comes after hit record producer Timbaland revealed the creation of a new music company called Ape-In Productions (AIP), a meta-universe based entertainment company that will also utilize BAYC NFTs.
Universal Music Group Reveals BAYC NFT Supergroup Called Kingship
While Non-Forgible Token (NFT) collectibles are all the rage this year, one particular collection called Bored Ape Yacht Club (BAYC) is blowing people away in terms of sales and popularity.
Data shows that the overall market valuation of BAYC is $1.82 billion and the collection has a historical sales volume of $658 million.BAYC has traded in 22,122 sales with 9,296 traders.The average sales price of a single BAYC NFT was about $297,400 on November 13.
BAYC’s popularity inspired one of the world’s largest music companies, Universal Music Group (UMG), to start a meta-universe supergroup called Kingship.
Hit Record Producer Timbaland Reveals Ape Production Company
Timbaland’s Timothy Mosley has announced the launch of a BAYC entertainment label called Ape-In Productions (AIP).In an interview, Timbaland revealed that the hit record producer says AIP is all about supporting creators.
“The concept of us creating a new entertainment platform in the metaverse that puts creative control and long-term ownership back in the hands of the artist is very important to us,” Timbaland told us.
AIP will reveal a musical group called “Thezoo” and a track that will be tethered to an NFT collection called “Apesh!t”. The report further adds that the AIP was developed by Timbaland and some BAYC community members.Jonathan Tenenbaum, Andrew Rosener, Gary Marella, Clement Kwan and Timbaland’s Beatclub will also contribute.