Universal Music Group Purchases BAYC #5537

The metaverse has several branches where creators and enthusiasts of technological advancement can meet and collaborate.

One of those spaces on Metaverse is the Non-fungible token (NFT) marketplace.

In recent times, the NFT has been gathering buzz and wide embrace from all spheres of life.

It is interesting to see musical groups, musicians and other artists embracing the NFT.

One of the foremost musical groups that have acquired several NFT collections is the Universal Music Group (UMG)

UMG is setting up a virtual band by acquiring three Bored Ape collections and loaning a Mutant Ape.

It is expected that the virtual band will start a virtual performance and welcome viewers later.


The Metaverse keeps expanding and welcoming new ideas by the day. One of those ideas gathering buzz and encomium is musicians and musical groups acquiring Non Fungible Tokens (NFTs).

These acquisitions open up a new world to how these animated images and characters can make their songs, collaborate with real-life artistes and perform in music videos or virtual concerts.

In this article, our spotlight shall be on the Universal Music Group (UMG) and its foray into the Metaverse.


The Universal Music Group

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Universal Music Group, also called Universal Music or UMG, is a Dutch-American international music corporation. UMG has its headquarters in Hilversum, Netherlands, and its operational headquarters in Santa Monica, California.

The Universal Music Group was formerly called Decca Records, MCA Records, and MCA Music Entertainment Group. UMG, alongside Sony Music and Warner Music Group, is referred to as the "Big Three' record labels.

UMG was founded in September 1934, and as of 2021, its revenue has grown to about $6.83 billion.

The Universal Music Group (UMG) is an international music label with fast-rising artists. Their foray into the metaverse led to several Non Fungible Tokens in the past.


Universal Music Group And BAYC NFT Collections

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Off all the NFT collections of the Universal Music Group, the most spectacular is the acquisition of “Bored Ape #5537 for $360,817 worth of Ethereum. The bored ape is a cartoon monkey that has become one of the leading digital collections in the world.

The Universal Music Group is building an utterly virtual band, and it is expected that the Bored Ape BAYC #5537 will lead the band. This version of Bored Ape is a female character that will henceforth be called Manager Noet.

The UMG virtual band founded in November is named KINGSHIP. It is expected that the virtual band will have its website and be present on the Discord messaging platform.

According to Universal Music Group, the Kingship Group will start producing new music (at a later date) and perform virtually on the metaverse. The Kingship Virtual music group comprises Manager Noel, three other Bored Apes, and a Mutant Ape. The Mutant Ape was acquired on loan from Collector Jim MCNelis.

Experts opined that purchasing the BAYC #5537 is a huge feat for the musical group, and it will help UMG actualize its goals of entering the metaverse and becoming a stakeholder.

The launch of the new music by the Kingship group and performance on the metaverse will serve as an avenue to make more revenue.

Creating a virtual band is not new. Damon Albarn and Jamie Hewlett formed the first virtual band as far back as 1998. The duos are musicians and comic artists. Their virtual band collaboration saw the release of seven albums on Parlophone's label. The label is a subsidiary of Warner Music Group.

Having identified how the Universal Music Group is looking forward to launching their virtual band, the steps are taken so far, and their NFT acquisitions, it is pertinent to shed more light on the BORED APE nft collection.


The Bored Ape; A Unique NFT Collection?

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The Bored Ape Yacht club (BAYC) is the creator and collector of Bored Ape NFTs. It is a collection of 10,000 unique Bored Ape digital arts on the Ethereum blockchain.

The acquisition of this NFT collection token makes you eligible to become a swamp club for apes. Any of the bored ape collection is equivalent to a membership card.

The Bored Ape collection consists of profile images of cartoon apes that are automatically generated by an algorithm. The first collection was released in April 2021 on the Ethereum platform.

As of 2022, over 1 billion dollars of the Bored Ape Yacht Club had been sold by Yuga Lab; the parent company of BAYC.

Since the Bored Ape collection launch, notable brands and individuals like Snoop Dog, Justin Bieber, Neymar jr, and Paris Hilton have continued to acquire or swap the Ape NFTs.

On December 10, one of the boring Ape collections, BAYC #9797 NFT, dropped a music video making this collection the first. This is a significant milestone for the Bored Ape Yacht Club to sail into the music scene.

This music video was made for "Delist Your Ape (2DaMoon)." The song featured Reo Cragun and Jeremy Lloyd, also called Clear Eyes. Syft and Beverly Films created the animated music video.

From this music video and that of the Universal Music group, Post Malone also acquired two bored apes for 160 ETH, totaling about $682,000. The two collections are #9039 and #961. The BAYC #961 NFT appeared in Post Malone's music video collaboration with The Weeknd titled 'Right Now."


Conclusion

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The Universal Music Group is a multinational record label with successful artists. To move with the global trend, UMG ventured into the Metaverse by acquiring a few NFT collections.

The acquisitions saw them purchasing three Bored Ape NFTs and loaning one Mutant Ape. The next step is to create a virtual concert on the metaverse where humans can watch these animated apes performing.

There are expectations that in the coming days, more musical bands, musicians and record labels will venture into the metaverse and follow the steps of Musicians like Post Malone.

It is a commendable feat for the creators of the Bored Ape Yacht Club, as they have made over $1 billion since the launch of the first BAYC collection.



Author: Valentine A., Gate.io Researcher
This article represents only the researcher's views and does not constitute any investment suggestions.
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