Robert Steinadler, 3 months ago
Candy seems an unlikely choice as a product that is partnering with an NFT collection. Guess what? It is happening! What is Kingship and what is this partnership all about?
The Bored Ape Yacht Club consists of 10.000 unique NFTs. Kingship is a supergroup consisting of 3 BAYC characters called Captain, King, and Arnell, as well as one Mutant Ape called Hud. Each of the four is a rare NFT and they are supposed to pay homage to the legends of Rock’n Roll.
The supergroup is owned by investor and entrepreneur Jimmy McNelis and is a metaverse band that was formed in November 2021. Kingship also released exclusive NFT “key cards” that gave holders exclusive rights such as participating early in the sales of other exclusive products released by Kingship. With the most recent products being the branded M&M’s.
While the 4 NFTs are part of the BAYC the recent partnership between Mars and Kingship does not involve Yuga Labs. Instead, Kingship holds the rights to the four NFTs and is entering the partnership on its own.
There are three special editions available for sale in the US and the first one which is also the rarest got sold out within a few hours. Two more special editions are available for sale on the company’s website. Each is featuring the Kingship NFTs on its box and the four characters are also printed on the candy.
Customers are able to design their own candy on the company’s website with their logos or writings. The partnership shows two things. Owners of NFTs can create value by making use of their property rights is granted by the creator of the collection. This is a vital part of the value proposition of NFTs. Some like the BAYC allow holders to monetize while others reserve all rights to the company that created the collection.
The second factor is that NFTs are becoming their own brands that are recognized across the borders of the metaverse and therefore have a stronger use case than many critics thought just two years ago. The Bored Ape Yacht Club has created billions of Dollars in trading volume as well as in revenue generated by partnerships.
It remains to be seen if these marketing stunts can create long-lasting effects or if the market is sooner or later in need of a new even hotter collection.
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