Universal Music Group’s (UMG) first fully virtual music group KINGSHIP, which is signed to the company’s web3 label 10:22PM and is made up of Bored Ape and Mutant Ape NFTs, launched its first NFT collection last week and has already completely sold out.
The collection was initially slated to be released in May, but the label announced that it would be postponed due to the state of the crypto market. The current high demand for the launch is a testament to the staying power of NFTs and proves that with the right marketing and value added, these digital collectibles can still find an audience.
KINGSHIP’s NFT collection consisted of 5,000 access-enabled Key Cards that will provide owners access to the group’s virtual world and unlock other perks such as products and a token-gated community. They were available to mint beginning on July 14th, and UMG reports that they sold out two hours after the release of the final wave on the 15th.
The collection topped NFT marketplace OpenSea’s Music Chart and was the number one trending NFT collection on the day it was released. As of yesterday, KINGSHIP NFTs were selling for up to double their original value on secondary markets.
The Key Cards feature different members of the music group and have different attributes that weren’t immediately available. The art on the Key Cards was revealed today, and excited buyers wasted no time in posting their new collectibles on social media, especially those who were lucky enough to land a rare one. Owners will be able to access different areas of the group’s virtual world depending on which Key Cards they have.
“I’m grateful to our team, partners, and to the community for this incredibly successful sold-out mint,” said Celine Joshua, founder of 10:22PM and the creator of KINGSHIP. “We’re artist world building with blockchain technology, creativity, and speed. The sold-out genesis Key Card is only the beginning of our new journey, together.”