The music giant purchased Bored Ape #5537 back in March 2022 for 125 ETH. UMG plans to make the character the leader of its Bored Apes band, dubbed “Kingship.” The NFT cost roughly $360,000 at the time of purchase. So far, UMG has been pretty tight-lipped about its plans for the crypto-backed band. But recent trademark filings may give us some insight into future plans.
Source: Universal Music Group Files Four Trademarks for Bored Apes Band Leader