" has always looked towards the future and not the past, we embrace innovation. The Winamp NFT Initiative is a creative and innovative operation that will at the end support music and musicians, it also give visual artists the opportunity to share their arts, get recognition, and revenue. Our mission is to support music and musicians and we are proud to help them through this initiative. "There will be other creative operations to raise funds and this will not only be about NFTs. "The Winamp NFT Initiative is the first operation that will bring funds to support charity projects through the Winamp Foundation," a Winamp spokesperson told Mashable. On resale, 80 percent goes to the reseller, 10 percent to Winamp, and 10 percent to the artist. While 80 percent of the income from these NFTs' initial sales will go to the Winamp Foundation, only 20 percent will be paid to the artists - around $45 per NFT. It also feels as though the charity is actually coming from the artists, rather than Winamp itself. Still, it is possible to support charity without also turning to widely loathed blockchain technology.
(While Music Fund is the only charity the foundation currently supports, a Winamp spokesperson told Mashable it is open to discussions with any other music-focused charities who may reach out.) The Winamp NFT Initiative is in support of the Winamp Foundation, which funds charities such as Music Fund that help musicians. To be fair, the endeavour is supposedly for a good cause. And while they will be allowed to post it on social media, it will be on the condition that they add a notice declaring the copyright and all rights belong to Winamp. If it is selected, the artist waives all rights to their work and irrevocably hands over the copyright to Winamp. If a submission isn't selected, the competition's terms and conditions still grant Winamp "a worldwide, non-exclusive, royalty-free licence to use, copy and display the Art." "Our team of Winamp scientists will examine every cryptoArt that comes its way and 20 derivatives will be selected to be sold as Winamp’s NFTs." "Send over your derivatives to us," reads Winamp's website. These 20 designs will be derived from the original Winamp skin, and chosen from public submissions. Each will cost 0.08 ETH, which is approximately $225 at the current conversion rate, so if all 1997 NFTs are sold it would total almost $450,000. It then intends to sell 20 more artworks starting from May 23, all of them duplicated around 100 times to create 1997 NFTs in total (a nod to the year the program launched).
Winamp is doing NFTs now, because you either die a hero or live long enough to see yourself become the villain.Īnnounced to widespread derision on Wednesday, Winamp will auction off the media player's original skin as a one-of-one NFT on OpenSea, with bidding to start on May 16 and run until May 22.