Getty Images Goes NFT in Partnership with Candy Digital

Key Insights:

• On Tuesday, Getty Images announced a new partnership with Candy Digital to create a diverse portfolio of NFTs.
• The Getty Images library consists of more than 465 million images spanning a 170-year history, covering the world of arts, culture, music, world events, and more.
• Getty Images joins a growing list of big mainstream names to target NFT to drive growth and widen the client base.

NFTs are back in the news following last week’s TerraUSD (UST) meltdown. Founded in March 1995, Getty Images, Inc. is a visual media company and a supplier of stock images, editorial photography, video and music for businesses and consumers.

Since its launch, Getty Images has grown its library of assets to more than 465 million images. These include 135 million analog images. By acquiring older photo agencies, the library covers the last 170 years of history.

With a strong brand and impressive library, Getty Images takes aim at the NFT market.

Getty Images Enters the NFT Space in Partnership with Candy Digital

On Tuesday, Getty Images announced an exclusive partnership with Candy Digital to introduce its very first NFTs.

According to the announcement,

“Getty Images, a preeminent global visual content creator and marketplace, and Candy Digital, the next generation digital collectible company, today announced a new multi-year partnership agreement that makes Candy Digital the exclusive developer and marketplace for Getty Images NFTs.”

The announcement went on to say,

“Through this partnership, Getty Images and Candy Digital will collaborate and develop a diverse portfolio of NFT products and collections derived from Getty Images’ extensive library of more than 465 million images.”

The extensive library consists of more than 135 million analog archival photographs. The general public has never seen many of these images. Getty Images and Candy Digital will release these works in NFTs for people to view and collect.

Getty Images CEO Craig Peters said,

“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.”

Peters added,

“We are proud to work with Candy Digital to expand our offering to the fast-growing global audience of NFT collectors, representing significant opportunities for the company and our global photographer community.”

Getty Images plans to roll out “more than 30 million new digital assets to its platform each year.”

Getty Images joins a growing list of mainstream players to target NFTs. Candy Digital sees an expanding partner list as interest grows.

The NFTs will be minted on the Palm blockchain, an Ethereum (ETH) side-chain.

Earlier this year, the Associated Press entered the NFT space to monetize its journalism.

The Palm NFT Ecosystem Sees Sharp Growth in New Partnerships

For the environmentally conscious, the Palm Network claims to be 99% more efficient than proof-of-work-based blockchain networks.

Palm partners include Warner Brothers, METAMASK, Chainlink (LINK), DC, and Candy Digital.

In 2021, DC partnered with Palm NFT Studio to deliver fans with its first NFT collection. One of the reasons for DC choosing Palm as a partner was its environmentally conscious approach to NFTs.

According to the Warner Brothers announcement,

“Palm shares our environmentally conscious approach to NFTs. Palm’s blockchain provides a 99.99% reduction in energy usage compared with Proof-of-Work systems while enabling DC’s platform to mint millions of NFTs for fans with near zero cost.”

Getty Images could change the landscape by brining a mass audience into the space.