Photo Credit: 10:22PM
Universal Music Group’s digital band KINGSHIP has sold through its entire NFT collection.
KINGSHIP is a digital supergroup signed to 10:22PM, with an initial 5,000 access-enabled Key Cards minted as NFTs. The Key Cards allow collectors to access the group’s virtual world as well as unlock products, experiences, and a token-gated community. The minting took place on July 14 and sold out within two hours after release on July 15.
The KINGSHIP collection was ranked #1 on OpenSea’s Music Chart and was the top-trending NFT collection on the site at release. This release was also the first time OpenSea had a special reserve offered at the same time as the primary mint for sale directly through the OpenSea marketplace. As a result, NFTs #1-#300 sold out within minutes.
Blue Chip NFT holders accounted for 27% of the overall sales, averaging 2 NFTs per holder. At the time of writing, the current floor price of a KINGSHIP NFT on the secondary market exceeds its primary sale price by 2x, despite the downturn in the crypto market.
The KINGSHIP supergroup consists of three Bored Apes and a rare Mutant Ape. KING (lead vocals), Arnell (beats, producer, drums), Captain (vocals, bass), and Hud (guitar, keyboards, vocals). The group’s newly revealed origin story, map, and additional Key Card details are available on the group’s website.
“I’m grateful to our team, partners, and to the community for this incredibly successful sold-out mint,” says Celine Joshua, Founder at 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.”
The collectible Key Cards feature different members of the band and contain unique attributes. These attributes will be revealed over time, with some rarer than others. In addition to membership in the virtual world, the Key Cards also unlock access to exclusive music, content, products, and a token-gated community.
KINGSHIP is also in the process of building four Towers on the island, one for each member of the band. Each member’s Key Card provides access to a specific member’s Tower on the island. By acquiring the Key Cards for all four members, holders gain entry to a floating villa above the Towers. Art for the Key Cards will be revealed on Tuesday, July 19.