Universal Music label acquires ape NFT to lead virtual music group

FILE PHOTO: The logo of Universal Music Group (UMG) is seen at a building in Zurich, Switzerland July 20, 2021. REUTERS/Arnd Wiegmann/

(Reuters) - Universal Music Group is capitalizing on the popularity of non-fungible tokens by acquiring one of the cartoon apes that have taken the world of digital collectibles by storm to lead an entirely virtual music group.

On Friday, Universal's 10:22PM label said it paid $360,817 to purchase Bored Ape #5537 - a female character now known as Manager Noët All, to lead the group it founded in November called Kingship.