coindesk.com
Universal Music Group (UMG) could be ramping up plans for its non-fungible token (NFT) band, filing four trademarks tied to the Bored Ape Yacht Club NFT it announced as the band’s leader in March.
The trademarks indicate plans for “crypto tokens, utility tokens, application tokens and non-fungible tokens,” as well as “online retail store services featuring physical and virtual merchandise,” according to the March 31 filings.
UMG purchased Bored Ape #5537 on March 18 for 125 ETH with plans to make the character the leader of its NFT band “Kingship.” The NFT cost roughly $360,000 at purchase but the ETH value is now worth $470,000.
Read more: For Universal’s NFT Band, Music Is Second to Brand Identity
While the music giant has revealed few details for the prospective band, its interest in NFTs comes as part of a larger push to experiment with Web 3.
UMG inked a deal with metaverse avatar company Genies in December, in what the company’s vice president of commercial innovation, Celine Joshua, told CoinDesk was a part of a larger vision for UMG clients to develop their virtual brands.
UMG did not respond to CoinDesk’s trademark questions by press time.