Universal Music Group NV is creating a virtual band out of four NFTs for use in the metaverse, as reported by Bloomberg.
Too many buzzwords, sorry. Let me take a glass of water. We know NFT’s aren’t going anywhere anytime soon, so strap in for more stories like this one.
NFT’s are all the rage right now – they’re an excuse to spend money online. What are they? They’re essentially buying a receipt that says “I own this JPEG” which exists in an online database. There’s a lot of money flowing through them right now and are often seen as scams. Because sometimes, they are scams, but sometimes they aren’t.
When you boil it down, this new band really just exists for NFT and metaverse hype.
“The characters will come to life. The apes will come to life,” Celine Joshua, the head of 10:22 (Universal Music Group’s next-gen label), told Bloomberg this week. “You can call it an NFT band, or think of them as characters.”
Right now, however, these are JPEGs. Apparently they’ll record music for streaming services and appear in video games and VR apps, but it’s still early days.
“Each member of the group has their own story and personality that influences and contributes to Kingship’s overall narrative,” Universal Music says. “Through music and events across the metaverse, we will bring the Apes in Kingship to life by building communities and utility, and entertaining audiences around the world.”
Bored Ape and Mutant Ape owners will be able to snatch up early Kingship NFTs, along with “experiences and narrative selection”.
Will the music be good? Maybe. Again, it’s a hype band, and not like a hot boyband or K-Pop hype band. I’m going to call it a ‘nerd hype band based on JPEGs’. But, of course we’ll listen out for what happens to Kingship and keep you updated.