Today, Getty Images and digital collectible platform Candy Digital announced a new multi-year partnership agreement. This makes Candy Digital the exclusive developer and marketplace for Getty Images NFTs.
Through this partnership, Getty Images and Candy Digital plan to develop a range of NFT products derived from Getty Images’ extensive library. In fact, Getty Images’ library has more than 465 million images, including over 135 million analog photos from its archive. Furthermore, this unmatched photography repository spans art, culture, music, world events, and more.
Afterward, photography and NFT collectors can seamlessly buy, sell, and trade official NFT collectibles through Candy’s Getty Images marketplace. Meanwhile, the photography marketplace will support primary and secondary market transactions using credit cards and crypto payments.
Also, the NFTs will be minted on the Palm blockchain - a scalable, environmentally friendly, Ethereum-compatible side-chain. Since its launch last year, Palm blockchain is now compatible with decentralized exchange Uniswap and crypto wallet Metamask.
“With the very best content at our core, innovation is woven into the fabric of Getty Images and this partnership speaks to our mission to connect people with our high quality, exclusive visual content,” said Getty Images CEO Craig Peters. Moreover, he considers NFTs as a way for Getty Images to tap into a new market and customer base.
“The introduction of photography represented a seismic shift in how we were able to document, store, and share our history. We’re thrilled to be working with Getty Images to develop NFT products that creatively bring these iconic and rare photographs from the last two centuries to life for people to experience and collect in a new digital format,” said Candy Digital CEO Scott Lawin. According to him, this partnership will help Candy Digital go beyond sports and offer new NFTs that touch upon culture and history.
Last month, Candy Digital also announced partnering up with Major League Basketball. In addition, the next-generation digital collectible company also has partnerships with NASCAR and WWE.
Separate from the world of generative NFT projects like Bored Apes and CryptoPunks, photography NFTs have carved their own niche. In fact, the most popular NFT marketplace OpenSea also has a “trending photography” category.
However, NFTs have become a controversial topic in the world of photography. While some are concerned about the energy consumption on blockchains, Palm claims to use 99% less energy than Ethereum Mainnet.
Meanwhile, the NFT community at large appears to be less interested in photography. According to sales data, NFT enthusiasts are more interested in trading generative pfp NFTs. Moreover, the top 100 collections on the popular NFT marketplace OpenSea do not include a single photography collection.