Winamp, the popular third-party media player that dominate the music-streaming industry before 2000, has decide to sell a non-fungible token (NFT) link to its media player’s original 1997 skin.
Winamp will put the NFT up for auction through OpenSea between 16th May 2022 and 22nd May 2022, follow by a separate sale of 1997 total NFTs base on 20 artworks derive from the original skin.
Proceeds from the sale are expect to be direct to a newly-set up Winamp Foundation, which promises to donate them to charity projects supporting music and musicians.
According to the website set up by the media player for the initiate, Winamp plans to source the derivative art NFTs through a process that lets artists submit Winamp-based works between now and 15th April 2022.
Selected artists will receive 20% of the proceeds from each sale of their image as an NFT.
Winamp further clarifies that 19 of the 20 artworks selected will sell in editions of 100 copies, while one will have 97.
All pieces of artwork will be sold at 0.08 Ethereum (approx. Rs. 16,000 or $210).
The team is thrilled to announce the auctioning of Winamp Original Skin as 1/1 NFT AND the launch of Winamp Foundation!🚀 All funds collected will be redistributed to charity projects supporting music & musicians. Curious? https://t.co/jC3zDdNfM5#Winamp #NFT #crypto #nfts pic.twitter.com/NNU8GNDunj
— Winamp (@winamp) March 16, 2022
As for secondary sales, the artists will receive 10% as royalty, where the seller will set their own price.
Winamp’s head of business development Thierry Ascarez clarifies that those who buy the NFTs will get a blockchain token link to an image of either the original 1997 skin or one of its derivatives, which is a common setup for NFTs.
The terms and conditions page reveals that selected artists will have to agree to transfer all intellectual property for their work to Winamp.
Winamp CEO, Alexandre Saboundjian Said in a press release :
“Winamp is here to support the artist community which is driving the development of the new Winamp product.”.
“Supporting music and musicians is also why the work of the Winamp Foundation is very important.”
The first charity that has selected by Winamp is MusicFund, a non-profit-association that collects musical instruments, repairs them and gives them a second life by donating them to music schools and socio-artistic projects in conflict zones, developing countries, as well as in Europe.
