Universal Music's NFT supergroup Kingship has apparently shut down operations, marking another casualty of the declining NFT market. The group has deactivated all social media accounts, removed their YouTube channel, and taken down their website (now redirecting to Universal Music's terms and conditions).

The virtual group, launched during the peak of NFT popularity about three years ago, featured four Bored Ape Yacht Club NFT characters under UMG's 10:22PM label. Despite initially selling out their token collection in July 2022 and partnering with Spotify for token-enabled playlists in February 2023, the project appears to have struggled in the current market.

This development comes amid broader NFT market challenges:

• 95% of NFT collections are now considered "worthless"
• Multiple lawsuits involving NFT projects are ongoing
• Major celebrities face litigation over Bored Ape Yacht Club promotions

The shutdown raises questions about token holders' access to promised perks and exclusive content. Universal Music's terms limit their liability to the amount paid by users for site access and include mandatory arbitration clauses.

While Kingship's founder Celine Joshua left for BMG in August 2024, the 10:22PM label continues operations under Universal Music. The project's collapse highlights important lessons for future fan monetization strategies, suggesting a potential path forward through lower-priced offerings with reliable perks for dedicated fan communities.

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