Winamp, a well-known third-party media player that dominated the music streaming industry before 2000, has decided to sell its non-fungible token (NFT) token in its original 1997 player. Winamp will auction off NFT via OpenSea from May 16-22, after which it will distribute the total 1997 sales of NFT based on 20 works of art derived from the original cover. Proceeds from the sale are expected to be donated to the newly created Winamp Foundation, which promises to focus on music and music support projects.
According to a website launched by Media Player, Winamp plans to acquire art-derived NFTs through a process that allows artists to submit works based on Winamp. Selected artists will receive a 20 percent profit from each. selling their image as NFT. Winamp further clarifies that 19 of the 20 selected works of art will be sold in 100,100 copies, while one will have 97. However, all works of art will be sold at 0.08 Ethereum (approximately $ 210 or approximately Rs. 16,000). For secondary sales, artists will receive 10 percent as a right, where the seller will set their price.
In a statement to The Verge, Winamp business development chief Thierry Ascarez clarified that those who buy NFTs will receive a blockchain token with a picture of the original 1997 cover or one of its derivatives, which is the usual configuration for NFTs. The Terms and Conditions page, on the other hand, reveals that selected artists must agree to transfer all intellectual property of their work to Winamp.
“Winamp is here to help the community of artists who are driving the development of the new Winamp product.” Winamp CEO Alexandre Saboundjian said in a press release. “Supporting the music and musicians is also why the work of the Winamp Foundation is so important.”
The first charity chosen by Winamp is MusicFund – a non-profit association that gathers, repairs and gives life to musical instruments. as well as in Europe.