Winamp, the once extremely popular MP3 and media player of the older Microsoft Windows 98 era, has just decided to sell its original skins as non-fungible tokens (NFTs). Unfortunately, the founders are not too happy.
Winamp to Auction a Total of 1997 NFTs
The original skin that represented Winamp will be auctioned on OpenSea on May 16 until May 22. Winamp will be selling their original skins as one-of-one NFTs, according to a widespread dispersion that recently took place.
The company wants to sell an additional 20 artworks after the auction with 100 duplicates to create a total of 1997 NFTs. Each of these NFTs will total $450,000 if all of them are sold.
Individual NFTs will cost about 0.08ETH each. A potential reason why Winamp might want to launch 1997 NFTs is because 1997 was the year that it was founded.
Winamp Explains What Happens if Artists' Work Won't be Picked
The NFTs that Winamp aims to sell include 20 designs from their original Winamp skin. Per the Winamp website, the Winamp scientists will be selecting 20 derivatives of their original media player to be sold as NFTs.
According to the terms and conditions of the contest, should a submission for the derivative not be selected, Winamp will still be giving submitters "a worldwide, non-exclusive, royalty-free license to use, copy, and display the Art."
Company Wants Artists to Give Up Rights If Selected
Should a submitter's work be selected, Winamp will assume all rights to their work and copyright. Although the artists will still be able to post, it was noted that they will have to declare that Winamp owns the rights and copyright to the artists' work.
Despite the artists having to give up their rights, the move is reportedly to help support the Winamp Foundation which gives to certain charities like Music Fund. According to the story by Mashable, however, it seems like the actual charity is not coming from Winamp themselves but rather the artists that give up rights to their work.
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Artists to Get 20% of Sales for Giving Winamp 100% of Rights
Although artists will give up the rights to their work, Winamp says that it will still be paying them 20% of the sale while the Winamp Foundation keeps 80%. This means that out of the $225 selling price (price of 0.08 ETH), the artists will only be getting about $45 for every NFT sold.
When the NFTs are resold, it was noted that only 10% will go to the artist, 80% will go to the reseller, and last but not least, Winamp still gets to take 10%.
Not everyone is happy with what Winamp is doing. In response to its announcement on Twitter, Eric Bailey, one of its original founders, said "it is incredible how you took decades of good will nostalgia and removed it with a single tweet."
It is incredible how you took decades of good will nostalgia and removed it with a single tweet.
— Eric Bailey (@ericwbailey) March 16, 2022
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Written by Urian B.
