Getty Images to Release Photography NFTs

Credit: Rupesh A. Nalawade

Getty Images, a top photography content creator, has partnered with Candy Digital to release its photos as non-fungible tokens. The multi-year partnership will make Candy Digital Getty’s exclusive NFT developer.

As part of the deal, Candy Digital will create NFT collections and products using Getty Images’ catalog of more than 465 million images. The NFT marketplace will utilize Getty’s archival footage of never seen photos to create compelling buying opportunities for photography collectors.

Candy Digital runs on the Palm blockchain, a side chain of Ethereum. According to promotional text on Palm’s website, the side chain is 99 percent more energy efficient than blockchains using Proof-of-Work protocols. Candy Digital already has partnerships with Major League Baseball and the WWE.

Craig Peters, the CEO of Getty Images, said the company is “proud” to work with Candy Digital. The goal is to make Getty’s portfolio available to the growing number of NFT collectors. Doing so will provide opportunities for both the company and its global network of photographers.

Scott Lawin, the CEO of Candy Digital, said the company is thrilled to work with Getty Images. By creating NFTs out of Getty’s photographs, the company will “bring these iconic and rare photographs” to life.

As of now, there’s no set public timeframe for the creation of Getty Images NFTs. The press release on Getty’s website indicates that the first batch will be available in the coming months.

Photography NFTs not Popular — Yet

Non-fungible tokens, one-of-a-kind digital assets minted and stored on the blockchain, pose exciting possibilities for artists. NFT art was the impetus for the big 2021 boom in the NFT industry, which amounted to billions in sales. But photography has lagged, and it is uncertain why.

A quick look at Rarity Sniper’s statistics page shows that most collections in terms of volume are profile picture collections. These collections are popular to trade due to their volatility and the prospect of quick gains. None, however, are photography collections.

Even within the NFT art, which has given rise to many dedicated NFT art marketplaces, photography doesn’t generate the same interest as traditional art. However, this may be changing. The top NFT photographers make big money minting and selling photos as NFT. These artists include Justin Versano, Drifter Shoots, Dave Krugman, and Jacob Raglin.

Getty Images’ introduction to the NFT space may change the game. As one of the most respected names in the field, it can utilize its catalog of millions of images to spark further interest in NFT photography. Although time will tell if its venture will be successful, it has the firepower to be a big player in the space and make an impact for NFT photographers.