Morgan Chittum

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 <ul>
 <li>The ape-led music group, according to Universal Music, will eventually produce music and perform virtual concerts</li>
 <li>“NFTs are going to have many use cases that go beyond [just] art,” a Bored Ape collector told Blockworks</li>
 </ul>
 
</div>



Universal Music Group has piled on to the laundry-list of brands and large companies capitalizing on blue-chip NFT collection Bored Ape Yacht Club.



The company’s Web3 label <a href="https://www.universalmusic.com/label/1022pm/" target="_blank" rel="noreferrer noopener">10:22PM</a> has acquired Bored Ape #5537 for $360,817, roughly 125 ether, according to a Friday announcement. 



Per a press release, the Bored Ape character named “Manager Noët All&#8221; will lead 10:22PM’s virtual NFT (non-fungible token) band — called Kingship — as its manager.



Kingship consists of four digital characters — one mutant ape and three bored ape NFTs — all from collector Jimmy McNelis’ personal holdings. And the band, which was announced in November, is now joined by its new manager.



Celine Joshua, 10:22PM founder and former Sony exec, said she started the Universal Music Group subsidiary “to push the boundaries of innovation in the music industry.”



“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,” Joshua said in a <a href="https://www.universalmusic.com/1022pm-forms-kingship-the-first-ever-group-consisting-of-nft-characters-from-bored-ape-yacht-club/" target="_blank" rel="noreferrer noopener">statement</a>.



<blockquote class="wp-block-quote">“Each member of the group has their own story and personality that influences and contributes to Kingship’s overall narrative.”</blockquote>



The ape-led music group will eventually produce music and perform virtual concerts in the metaverse, according to the company.



“NFTs are going to have many use cases that go beyond [just] art,” McNelis told Blockworks.



McNelis and all Bored Ape collectors became eligible to claim 10,000 <a href="https://cms.blockworks.co/apecoin-in-for-a-volatile-ride-as-exchanges-list-bored-ape-yacht-club-linked-crypto/" target="_blank" rel="noreferrer noopener">ApeCoins</a> (APE) on Thursday, in connection with the ApeDAO. APE is trading up 4.92% on the hour at <a href="https://www.coinbase.com/price/apecoin" target="_blank" rel="noreferrer noopener">$14.4 per token</a>.



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