Universal Music Group’s Web3 Label “10:22PM” Launches NFT Collection

Universal Music Group’s Web3 imprint, 10:22PM is launching a virtual world for his Bored Ape NFT band KINGSHIP.

According to a press release issued this week, 10:22PM will also release 10,000 of what it calls “Access-Enabled Key Cards” in the form of NFTs. Universal says that these NFTs will grant their buyers access to the group’s virtual world, as well as music, merchandise and experiences.

The price of each of these NFTs during an “Allow List” early access period, starting Saturday, May 14, will be 0.19 Ethereum, which is roughly $456 to date.

After that, starting Monday, May 16, they will cost 0.3 Ethereum (approximately $720) to the general public. If they were to sell each of these NFTs, even at the lowest price of $456, then the launch could bring in at least $4.5 million.

KINGSHIP was launched in November by 10:22PM, a subsidiary created by former Sony executive, Celine Joshua.

Universal says the KINGSHIP team also includes Grammy Award-winning artists, songwriters and producers, famed animator Jack Lanza, and noted NFT collector Jimmy McNelis, aka J1mmy.eth.

According to Joshua, the release of the NFT Collection for KINGSHIP marks “the beginning of our roadmap for an expanding world” based on virtual characters.

This week’s virtual world announcement marks the latest phase of KINGSHIP’s release. In February, 10:22PM revealed that it had purchased a Bored Ape NFT called Manager Noët All (Bored Ape #5537) for the equivalent of $360,000 to serve as manager of the NFT virtual gang.

UMG said at the time that the purchase made it the first major music company label to own “one of the popular NFT characters and become a member of the Bored Ape Yacht Club community.”

The Bored Ape community includes owners of one of the Bored Ape Yacht Club’s 10,000 NFT, a series of collectible virtual characters that can fetch high prices.

One sold for more than $2.8 million in January. Last month, Universal filed several trademark applications for the ‘Manager Noët All’ NFT.

Celine Joshua, founder of 10:22PM and creator of KINGSHIP said: “With KINGSHIP, the impossible is possible. These Key Cards not only provide access to the world of KINGSHIP, but are also a whole new way to introduce artists and music.”

“They are also a way to serve our superfans with exclusive content, products and experiences. This is just the beginning of our roadmap for an expanding world that will provide this community with an incredible journey and interactive storytelling.”