Universal Music's NFT supergroup Kingship has effectively shut down operations, marking another casualty of the declining NFT market. The group has deactivated all social media accounts, removed its YouTube channel, and shuttered its website, which now redirects to Universal Music's terms and conditions.

Launched three years ago during the NFT boom, Kingship featured four Bored Ape Yacht Club NFT characters and operated under UMG's 10:22PM label. The group had initially sold out its token collection in July 2022, promising exclusive digital content and perks to token holders. They even partnered with Spotify for token-enabled playlists in February 2023.

The group's dissolution comes amid broader NFT market challenges:

• Data shows 95% of NFT collections have become "worthless"
• Multiple lawsuits involving NFT projects are ongoing
• Celebrities like Justin Bieber and Madonna face litigation over Bored Ape Yacht Club involvement

The status of previously promised perks to token holders remains unclear. Universal Music's terms limit their liability to the amount paid by users for site access and include mandatory arbitration clauses.

While Kingship's founder, Celine Joshua, left for BMG in August, Universal Music continues to maintain the 10:22PM label. The group's closure highlights important lessons for future fan monetization strategies, suggesting a need to focus on sustainable value creation rather than speculative digital assets.

Related Articles

Previous Articles