Universal Music's NFT supergroup Kingship has seemingly shut down 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.

The group's website (Kingship.io) now redirects to Universal Music's terms and conditions, notably including liability limitations for any damages related to the site or its content. This comes after Kingship reportedly sold out an entire NFT collection in July 2022, which promised exclusive digital access and perks to token holders.

This development follows broader NFT market struggles, with data showing 95% of NFT collections becoming "worthless." Several high-profile lawsuits involving celebrities like Justin Bieber and Madonna regarding Bored Ape Yacht Club investments are ongoing.

Key implications for the music industry:

• The NFT fallout highlights challenges in superfan monetization strategies
• Future opportunities may exist in offering similar perks without the NFT framework
• Focus should be on providing real value to committed fans at reasonable prices

Universal Music's 10:22PM label, which created Kingship, continues operations, though founder Celine Joshua departed in November 2023 for BMG. The group hasn't released an official statement about its status, and its members, including "Mutant DJ and Producer" Arnell, were unavailable for comment.

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