Winamp will offer a non-fungible token, NFT, that is linked to the original 1997 skin of its media player. This makes it the latest company to combine nostalgia and crypto. OpenSea will allow Winamp to put the NFT on sale between May 16th & May 22nd. Then, Winamp will sell 1997 total NFTs that are based upon 20 art derived from its original skin. The Winamp Foundation will receive the proceeds and promise to donate them to charities, including the Belgian Music Fund.
It appears that the NFT sale is a combination publicity stunt and fundraising effort. Winamp is sourcing the derivative art NFTs by asking artists to submit Winamp-based works between now and April 15th, then giving selected artists 20 percent of the proceeds from each sale of their image as an NFT. The 19 pieces will be sold in 100 editions, while the rest will have 97;. All will go for 0. 08 Ethereum – around $210 according to current exchange rates. 10% of royalties for later sales will be paid to the artists. The seller will determine their price.
Thierry Ascarez, Winamp’s head for business development, tells The Verge that buyers receive a blockchain token linked with an image of the original skin or one of its derivatives. This is a common arrangement for NFTs. The buyer will be able to copy, reproduce, display and display the image but not the copyright. A page of terms and condition will also state that selected artists have agreed to transfer any intellectual property related to their work to Winamp.
Winamp isn’t exactly the service you may remember from the ’90s. It was first acquired by AOL in 1999, and then sold to Radionomy in 2014 following a long decline. Radionomy, and later its majority shareholder AudioValley, redesigned it as an audio app for mobile phones. Then they announced a wider relaunch this year. The original app also has a long-running community update.
There is a stronger link between Winamp’s current version and its original than with some crypto projects. LimeWire, a long-standing peer-to-peer file sharing service, recently “relaunched” as an NFT marketplace. However, it has no connection to the previous iteration. A new company bought the domain name and revived an old trademark. This is closer to RadioShack’s plans for launching a cryptocurrency marketplace. However, this NFT sale is only a part of RadioShack’s relaunch as music service and not a larger move into crypto.