Kingship, the band based on NFT’s, has a new virtual manager and Universal Music paid $ 360 thousand dollars for her – Entrepreneur | NFTRADIUS

This article was translated from our US edition using AI technologies. Errors may exist due to this process. Opinions expressed by Entrepreneur contributors are their own.

Last November, Universal Music commented in an interview for Bloomberg that they were working on developing a virtual band made up of three apes and a mutant monkey . Under the name of Kingship , the world’s largest record label seeks to innovate by combining two concepts that are beginning to take over the world of digital marketing: the metaverse and NFT’s (non-fungible tokens, that is, cryptographic assets that represent something unique).

NFT Calendar 1647618774 ape nft kingship.io

Working hand in hand with Jimmy McNeils , the famous collector and owner of four NFT’s from Bored Ape Yacht Club , the famous limited collection of 10,000 pieces that live on the Ethereum blockchain , Universal Music is creating a new virtual band; A characteristic of the NFT’s is that when you acquire them you get the commercial rights to use their image and McNeils and Universal decided to transform four of them into rock stars who will give concerts in the metaverse. The label is already working on creating a unique story for each character and soon we could see them in action.

Universal Music today announced the acquisition of an additional NFT for $360,817 in Bored Ape #5537 , a female character who has become the band’s manager . His name is now Manager Noët All .

The idea of creating virtual bands is not new. Throughout history we have seen and heard interesting proposals such as Gorillaz, Caramella, The Archies, One-T and Dethklok, among others. What is new is the environment in which these groups can present themselves and the way in which they will interact with users of digital media.

HOW DO NFT’S ACQUIRE THEIR VALUE?

Although it can be complex to understand, the key and the value of NFTs lies in the digital certificates that allow the authenticity of a work to be proven . The sales of these digital assets are recorded in block chains or blockchains that contain information about the ownership of the piece and the history of prices and transactions linked to them. What characterizes the NFT’s is that they are unique, indivisible, transferable and it can also be shown that they are scarce. To create an NFT it is necessary to “mint” it, that is, convert it into a digital asset on the blockchain , which can be done in some NFT Marketplace OpenSea , Nifty Gateway and Rarible .

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