The growth of Non-Fungible Tokens (NFTs) has continued to reach new heights as more industries dive into the NFT space. One of the biggest music companies has today announced the release of its first NFT band. The NFT band will serve as its first-ever NFT as it enters the Metaverse.

Universal Music Group (UMG) has achieved fame, status, and success and is widely regarded as one of the best music companies and record labels in the world. Having popular artists such as Taylor Swift and Drake has increased UMG’s rank in the industry, but it is making further strides by being among the early adopters of NFT -the technology that is considered as the future of entertainment.

What Has Happened

UMG announced that it has added new artists to its ranks but few people expected what followed. UMG announced an NFT band named Kingship as the latest of its artists. Kingship will serve as the label’s entry into the NFT and Metaverse spaces, and more importantly, set a record as the first NFTs by a major music group in the world.

UMG’s NFT band, Kingship, is the latest in a fast-growing list of modern entertainment technology that creates digital identities with the potential to change how we interact with artists and their music. Kingship consists of four band members; three Bored Apes and a Mutant Ape. Each member of the all-Ape band is going to have collective and individual background stories and personalities to make the group as interesting as possible.

This was revealed by Celine Joshua, founder of 10:22PM. 10:22PM is a label that will create the background stories for the Kingship Apes and oversee the sales and creation of Metaverse concerts and NFT performances tickets. The project will offer early access to Kingship NFTs to holders of Bored Apes.

The Rise of NFTs

NFTs have gone from being abstract ideas to become one of the hottest topics in the world today with an impact that is reaching its tentacles into every industry. NFTs are blockchain-powered digital tokens that have taken the world by storm and shock. The massive prices for which NFTs have been sold and purchased in the last two years have left many wondering what the trend on blockchain-powered entertainment holds.

In the US, for example, there is a Bored Ape Yacht Club whose membership is based on the ownership of Bored Apes NFTs. The club owns thousands of these exclusive and unique NFTs with a collective value running into dozens of millions of dollars. Two of Kingship’s Apes have a value of over $125,000 by NFTSea.

NFTs have been made popular by celebrities across the music, movie, and sports industries. Just recently, Yanni, one of the greatest composers of our time, announced that he would release his NFT collection soon. The WWE, the biggest company in world wrestling, is working to release its NFTs soon. More brands, individuals, and industries are taking advantage of the new digital gold.

These are interesting times for the crypto industry!