Universal Music Group has filed applications for four trademarks related to its Bored Ape Yacht Club with an aspect of online retail store services for physical and virtual items.
The filing shows plans for cryptocurrency tokens, utility tokens, application tokens, and non-fungible tokens by the music company.
The announcement by the entertainment firm is part of its experiments in Web 3, coming after recently entering into a deal with a metaverse-based avatar company.
UMG’s vice President for commercial innovation, Celine Joshua, notes that the move is part of an extensive vision to create virtual brands.
The firm bought Bored Ape NFT number 5537 on March 18 for 125 ether with an aim to make the asset a leader of its NFT band dubbed Kingship. The NFT has seen its value surge from $360,000 at the time of purchase to $470,000.