NFT Supergroup Kingship Shuts Down All Platforms as NFT Market Continues to Crash
The Universal Music-formed "NFT supergroup" Kingship has effectively shut down operations, marking another casualty of the declining NFT market. The group has deactivated all social media accounts, removed its YouTube channel, and shuttered its website.
Cartoon NFT characters laughing together
Kingship, launched three years ago during the NFT boom, featured four Bored Ape Yacht Club NFT characters. The project emerged when NFT enthusiasm was at its peak, but the market has since experienced a dramatic downturn, with reports indicating that 95% of NFT collections have become virtually 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. In July 2022, Kingship had successfully sold an entire collection of tokens that promised access to exclusive digital content and experiences.
Notable developments include:
- Complete removal of social media presence
- Closure of Discord server
- Website replacement with legal terms
- No official statement regarding shutdown
- Departure of founder Celine Joshua in November 2023
The collapse of Kingship offers important lessons for the music industry's fan monetization strategies. While NFT-based projects struggled with sustainability, there may be opportunities in creating more accessible, value-focused fan engagement models with lower price points and reliable delivery of promised benefits.
Universal Music's 10:22PM label continues operations, though without Kingship or its founder, who has since moved to BMG.
Morrison Hotel album cover
Recording studio equipment on desk
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