Licensing
Another way to obtain liquidity from NFTs is by licensing the intellectual property to third-parties.
While there are thousands of law firms and talent agencies that can assist with this process, Universal Music Group has shown early interest in the NFT space through its Web 3 label known as “10:22PM”.
Founded by Celine Joshua in 2018, 10:22PM unit is responsible for “discovering, developing and empowering artists, digital creators and brands”.
While the market for NFT licensing is just getting started, the unit has already inked a deal to create a virtual band known as Kingship.
Kingship is comprised of four Bored Ape Yacht Club apes (three “OG” apes and one mutant) owned by noted NFT collector Jimmy McNelis. Like Gorrilaz – the groundbreaking virtual band from the 90s who sold over 26 million records – the group hopes to combine UMGs connections and know-how in the music space with the popularity of the BAYC brand to become a top-selling ensemble.
Could Kingship be the next Beatles?
In a press release, 10:22PM’s Joshua said “just as we would with any artist or creator, my team and I will work with KINGSHIP to sharpen their vision and develop their unique sound. Each member of the group has their own story and personality that influences and contributes to KINGSHIP’s overall narrative. 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.”
In addition to the formation of Kingship, there have been several other notable licensing deals including a partnership with Timbaland as well as one between CAA and noted NFT personality 0xb1 to commercialize his collection.
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