Bored Ape NFT volumes spike after Universal Music purchases BAYC

• Universal’s 10:22 PM label bought Bored Ape #5537 for $360,817.
• Universal Music Group is creating an NFT band to perform in the metaverse.

LAGOS (CoinChapter.com) — The Bored Ape Yacht Club (BAYC) trading volume surged on Friday after Universal Music Group subsidiary bought a digital collectible from the platform.

In detail, Universal Music Group’s Web3 label named 10:22PM announced it bought the BAYC non-fungible token (NFT) #5537 for $360,817. Bored Ape NFT sale volume doubled from the day before to around $43.5 million for March 18, according to reports.

Data from NFT marketplace, OpenSea, also disclosed that Bored Ape volume surged by over 1,600% in the last 24 hours. The ground price of BAYC at the time of publication was 89 ETH.

Meanwhile, other NFT projects associated with the Bored Ape Yacht Club have also recorded a major increase in volume. The Mutant Ape Yacht Club rallied by 970.43% and the Bored Ape Kennel Club surged by 852.80%.

It is worth noting that Bored Ape #5537 is a female character also known as Manager Noët All. It would lead the digital group founded by Universal Music Group in November called Kingship.

Universal Music To Launch A Metaverse Music Group

According to Reuters, Universal Music is utilizing NFTs to create a metaverse-focused music group. Hence, it purchased a Bored Ape which currently has immense popularity in the world of digital collectibles.

Universal’s group, Kingship which exists only in digital form, will produce new music and perform virtually in the metaverse. It will also own a website and have a presence on Discord. Like Manager Noët All, all the band members are NFTs – three Bored Apes and a Mutant Ape, on loan from collector Jim McNelis.

Celine Joshua, founder of 10:22PM, noted that Kingship was established to boost innovation and creativity in the music industry. She further stated that the digital group will push the boundaries between virtual and physical reality. Celine said:

“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.”

Meanwhile, it is worth noting that the idea of creating virtual bands from digital characters is not a new one. Gorillaz, a virtual band formed in 1998 by musician Damon Albarn and comic artist Jamie Hewlett, released seven albums on Parlophone label. Presently, one of Japan’s pop stars, Hatsune Miku, is also a hologram.