Winamp is doing NFTs because you can either die a hero or live long enough to become the villain.
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. It will 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. If all 1997 NFTs are sold it would total almost $450,000, because each will cost 0.08 ETH, which is $225 at the current conversion rate.
The Winamp skin will be used to derive 20 designs.
Winamp's website states that "your derivatives will be selected to be sold as Winamp's N."
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.
All rights to the artist's work are given to Winamp if it is selected. They will be allowed to post it on social media, but only if they add a notice stating the rights belong to Winamp.
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The endeavor is for a good cause. The Winamp Foundation funds charities such as the Music Fund that help musicians. It is possible to support charity without using the controversial technology.
The charity is actually coming from the artists, rather than Winamp itself. 80 percent of the income from these NFTs will go to the Winamp Foundation, but only 20 percent will be paid to the artists. 80 percent of the money goes to the seller, 10 percent to the buyer and 10 percent to the artist.
Winamp has been reached out to.
In the early days of the internet, Winamp was the preferred media player for millions of people. The program was famous for its customisable skins, with users able to choose from thousands of community-created options.
One of the media player's original creators is among those who hate Winamp's latest move.
I have spent the last number of years giving the owners of Winamp the benefit of doubt. You are terrible.
He expressed disapproval for multiple reasons on his website.
He wrote that the environmental impact is terrible and that anything that encourages more people to buy into it so that the people who previously bought it can cash out is a bad thing. It was made by the Winamp co- creators.
Winamp still inspired fond feelings of nostalgia. The memory seems to have soured because of general disdain for NFTs.