Taylor Swift and drake’s record company acquired Bored Ape NFT

According to Reuters, Universal Music Group, the record company behind Taylor Swift and Drake, has acquired Bored Ape #5537, a non-fungible token from the very popular Bored Ape Yacht Club NFT series.

Music industry opening gates for NFT

Last month, the multibillion-dollar music company partnered with NFT platform Curio to generate digital artifacts for artists.

Earlier this month, Universal Music Group announced a collaboration with Billboard, a music and entertainment publication, to produce a collection of NFTs honoring notable chart records.

Back In November, the business teamed up with Bored Ape Yacht Club to develop “Kingship,” a virtual NFT band.

The notion isn’t new: the Gorillaz, the world’s first virtual band, was founded in 1998. The troupe of digital apes, on the other hand, will be performing in various worlds of the metaverse, allowing them to connect with fans directly.

APE’s Ups and downs

Bored Ape Yacht Club (BAYC), or simply Bored Ape, is an Ethereum-based non-fungible token (NFT) collection. The collection includes ape profile images created by a computer algorithm.

The parent company of Bored Ape Yacht Club is Yuga Labs. On April 23, 2021, the project began with a live pre-sale. Owners of a Bored Ape NFT have admission to a secret online club as well as intellectual property rights for their creations.

By 2022, the popularity of BAYC had been well recorded; sales of Bored Ape Yacht Club non-fungible tokens had surpassed $1 billion, and celebrities had acquired these non-fungible tokens. Online users have also been critical of the collection.

Following the debut of ApeCoin, the Ethereum-based governance token that is designed to underlie the whole ecosystem, the Bored Ape Yacht Club collection has lately gained attention.

The token lost its momentum and fell after climbing as high as $39.40 in the opening minutes of trade. APE is presently trading at $14.44 on major spot markets after cutting some losses.

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Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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