NFTs are back in the limelight after the collapse of TerraUSD (quotation FSO) last week. Founded in March 1995, Getty Images, Inc. is a visual media company and provider of stock images, editorial photography, video and music to businesses and consumers.
Since its launch, Getty Images has grown its library of assets to over 465 million images. Among these, 135 million analog images. Thanks to the acquisition of old photo agencies, the bookstore covers the last 170 years of history.
With a strong brand and an impressive library, Getty Images is targeting the NFT market.
Getty Images enters the NFT space in partnership with Candy Digital
Getty Images on Tuesday announced an exclusive partnership with Candy Digital to introduce its first NFTs.
According to the announcement:
"Getty Images, the world's leading visual content creator and marketplace, and Candy Digital, a next-generation digital collector, today announced a new multi-year partnership agreement that makes Candy Digital the exclusive developer and marketplace for NFTs. by Getty Images ".
The announcement goes on to say that:
"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 over 135 million archival analogue photographs. Many of these images have never been seen by the general public. Getty Images and Candy Digital will make these works available in NFT format for viewing and collecting.
Craig Peters, CEO of Getty Images, said:
"With the best content at the heart of our business, innovation is woven into the fabric of Getty Images and this partnership is the result of our mission to connect people with our unique, high-quality visual content."
"We are proud to partner with Candy Digital to expand our offering to the rapidly growing public of NFT collectors, which represents a significant opportunity for the company and our community of photographers worldwide."
Getty Images plans to introduce "more than 30 million new digital assets annually" to its platform.
Getty Images joins a growing list of traditional operators turning to NFTs. Candy Digital plans to expand the partner list as interest grows.
The NFTs will be minted on the Palm blockchain, a side-chain of Ethereum (ETH). Earlier this year, the Associated Press entered the NFT space to monetize their journalism.
Palm's NFT ecosystem sees strong growth in new partnerships
For the more environmentally conscious, the Palm network claims to be 99% more efficient than proof-of-work based blockchain networks.
Palm's partners include Warner Brothers, METAMASK, Chainlink (LINK), DC and Candy Digital.
In 2021, DC partnered with Palm NFT Studio to offer fans its first NFT collection. One of the reasons DC chose Palm as a partner was its green approach to NFTs.
According to the Warner Brothers announcement:
“Palm shares our green approach to NFTs. Palm's blockchain guarantees a 99,99% reduction in energy consumption compared to Proof-of-Work systems, allowing DC's platform to mint millions of NFTs for fans at almost zero cost ”. Getty Images could change the landscape by bringing a mass audience into space.