Universal Music Group is capitalising on the popularity of non-fungible tokens (NFTs) 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 bought Bored Ape #5537, a female character now known as Manager Noët All, to lead Kingship, the group it founded in November.

Kingship, which exists solely in digital form, will have its own website and presence on messaging platform Discord, and will eventually produce new music and give virtual performances in the metaverse. Like Manager Noët All, all the band members are NFTs — three Bored Apes and a Mutant Ape, on loan from collector Jim McNelis...