Universal Music Group's NFT supergroup Kingship has quietly ceased operations, marking another casualty of the declining NFT market. The virtual group, which featured four Bored Ape Yacht Club characters, has deactivated all social media accounts, removed its YouTube channel, and shuttered its website.

This development comes as the broader NFT market faces significant challenges, with reports indicating that 95% of NFT collections have become "worthless." The group's website (Kingship.io) now redirects to Universal Music's terms and conditions, raising questions about the status of previously sold tokens and promised perks.

Key developments:

• All social media accounts deactivated
• YouTube channel deleted
• Discord server discontinued
• Website replaced with terms and conditions
• No formal statement issued regarding closure

The closure is particularly notable given that Kingship had sold out their entire token collection in July 2022, promising exclusive digital world access and special perks. Spotify even tested token-enabled Kingship playlists in February 2023.

The project's end highlights broader lessons for the music industry's fan monetization efforts. While fans demonstrated willingness to invest in digital assets, future success may lie in offering more tangible benefits at lower price points without the NFT framework.

Universal Music's 10:22PM label continues operations, though founder Celine Joshua, who created Kingship, departed in November 2023 for BMG. The situation serves as a cautionary tale for digital asset ventures in the music industry, emphasizing the importance of sustainable value creation over speculative hype.

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