A non-fungible token (NFT) is a unique digital identifier that typically contain references to digital files such as photos, videos, and audio.
Since the references are recorded into a blockchain, NFTs cannot be copied, substituted or subdivided. This allows NFTs to be used to certify the authenticity of something, or ownership of the NFT items themselves. Because recorded NFTs can be transferred by the owner, NFTs can be traded or sold.
NFT has become a trend to exchange digital tokens that link to a digital file asset.
While many artists have raked in huge earnings by selling their products through this technology, some NFT agreements only grant a license for personal, non-commercial use, while other licenses also allow commercial use of the underlying digital asset.
And here, Winamp is having a go with NFT.
Winamp is a media player for Microsoft Windows created by Justin Frankel and Dmitry Boldyrev.
It was originally owned by Nullsoft, before it traded hands for several times.
Winamp is best known for its MP3 player that boasts skins and a extended support for plugins visualization and more.
It was the de facto leader of media player back in the 1990s. At that time, the software literally ruled music before the internet.
And this time, a release candidate for version 5.9.1 of the software builds on the groundwork laid by its 5.9 update.
Besides fixing some bugs, decreasing its memory footprint, and enhancing its security, the version also adds support for more music formats, as well as new features to the reanimated music player.
But the most notable, is the support for music NFTs, which means that the media player is seeing a significant web3 upgrade.
The move is part of 'Winamp NFT Initiative', which aims to "help musicians across the world create music they love."
We are proud to announce a new version (5.9.1) for our Desktop player. This new version reduces Winamp’s memory footprint and upgrades security among many other improvements, it also allows you to play your music NFTs. New version available now.
— Winamp (@winamp) December 6, 2022
According to its press release PDF:
"Winamp supports audio and video files distributed under both the ERC-721 and ERC-1155 standards, and is launching this new feature for Ethereum and Polygon/Matic protocols."
Using the initiative, Winamp's music NFTs operates like NFT images, except that the NFT provides a link to a digital music file instead of a link to an image file.
The benefits allow artists to earn money by creating scarcity (releasing unique or limited-run tracks, for example) and by getting a cut of secondhand sales of the NFT that happen between fans.
But because the feature is part of Winamp, users who wish to have a playlist on the player, have to import the NFTs they purchased into Winamp as an .m3u file.
In addition to its support for NFT music, the Winamp Foundation is also putting its "original and iconic Winamp skin" on auction, as a 1/1 NFT edition.
Afterwards, Winamp said that it plans to sell 20 NFT artworks made by 20 digital artists and derived from the original Winamp skin ("derivatives").
Read: 'Winamp Skin Museum' Is A Tribute To A Software That Rules Music Before The Internet