Winamp the once-popular third-party media player that dominated the music streaming industry two decades ago has now caught the limelight again following its latest announcement on NFT. Also Read - Spotify is testing NFTs for select artists on the platform: How it works
Winamp will put an NFT linked to its original 1997 skin for auction via the popular site OpenSea. The auction will begin on May 16 and remain till May 22. A separate sale of 1997 total NFTs based on 20 artworks derived from the original skin will follow post the first slot. Also Read - Instagram to begin testing NFTs this week in the US: All you need to know
The third-party media player even set up a website for the NFT initiative and plans to source the derivative art NFTs via a process that will allow artists to submit Winamp-based works between now and April 15. Selected artists will earn 20 percent f the proceeds from each sale of their image as an NFT. Also Read - Here’s how the Royal family will issue NFTs this summer?
“Winamp is here to support the artist community which is driving the development of the new Winamp product,” Alexandre Saboundjian stated in a press release. “Supporting music and musicians is also why the work of the Winamp Foundation is very important.”
As per reports, the artworks will be sold at 0.08 Ethereum (roughly Rs 16,000). On the secondary sale, artists will get 10 percent royalty with the seller setting their own price.
Reports further suggest that proceeds from the sale could likely be directed to a newly setup Winamp Foundation which promises to donate to charity projects supporting music and musicians.
Thierry Ascarez, Winamp’s head of business development explaining the process told The Verge that those who buy the NFTs will get a ‘blockchain token linked to an image of either the original 1997 skin or one of its derivatives.’
