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 ether (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.
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 did not respond to CoinDesk’s trademark questions by press time.
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