The Nonfungible token aka NFT market is heating up lately owing to the announcement of several creative projects. Prominent Dutch–American multinational music corporation, Universal Music Group [UMG] has officially dived into the Metaverse realm and announced a new music group called Kingship. The music band will be made up of some well-known nonfungible tokens notably the Bored Ape Yacht Club [BAYC]. Four virtual cartoons figures from the ape-themed club would be part of the metaverse group, as revealed by the music label firm.
Moreover, the team behind the proposed music band will eventually roll out performances as well as release original music. However, there wasn’t any mention of a particular date with regards to the supposed musical extravaganza. Speaking more on the occasion, Label founder Celine Joshua stated,
“Just as we would with any artist or creator, my team and I will work with Kingship to sharpen their vision and develop their unique sound. Each member of the group has their own story and personality that influences and contributes to Kingships’s overall narrative. Will create backstories for the apes and eventually sell NFT performances, providing buyers with unique musical experiences.”
NFT collector, Jimmy McNeils a.k.a j1mmy.eth who furnished the 3D apes for the group and has the commercial rights over the digital collectibles termed that the band represents a new area of the ownership of the NFT market.
Latest Buzz around the NFT domain
It is well known that the NFTs have become one of the most preferred places to earn money according to some owners. Special mention must be made to the famous Bored Ape Yacht Club which consists of thousands of unique digital graphics resembling bored monkeys. By the end of last month, one such artwork of the ape raked in a record $3.4 million in sales. According to the online marketplace OpenSea, two such NFTs are now priced at around a staggering $125k.
A few days ago, the largest NFT marketplace, OpenSea steered more than $10 billion in cumulative transaction volume this year since it opened its doors back in 2017. Today, the BAYC sales have risen significantly in the past 24 hours, increasing by 94% along with and the floor price surging to 42 ETH owing to Jimmy Fallon’s recent change of avatar to BAYC on his Twitter profile.