Getty Images Launching Its First NFT Collection

Getty Images has formed a multiyear agreement with Candy Digital, a digital collectibles startup owned by Fanatics Inc, as the news and stock picture provider expands into the non-fungible token (NFT) market ahead of its planned IPO.

Getty Images Launching Its First NFT Collection

Getty Images, the foremost global visual content provider and marketplace, and Candy Digital, the next generation digital collectible firm, launched today a new multi-year cooperation arrangement in which Candy Digital will be the official developer and seller for Getty Images NFTs. Candy Digital’s first arts and cultural collaboration marks an exciting move into virtual artifacts and activities outside of sports.

The NFTs, which are one-of-a-kind blockchain tokens that represent ownership, will be issued on the Palm blockchain, an Ethereum-compatible sidechain. Getty Pictures will use its library of over 465 million images, including 135 vintage photographs, to create never-before-seen archive works into NFTs.

Several of Getty Images’ analog archive pictures have never been viewed by the general public, and this collection includes extremely rare images by great photographers who pioneered the field. Getty Photos and Candy Digital shall showcase historic masterpieces alongside modern images in a range of various digital forms for consumers to explore and acquire for the first time as part of the upcoming relationship.

Getty Images CEO Craig Peters views NFTs as a chance to get into a new market and consumer base, according to a statement, while Candy Digital CEO Scott Lawin views the cooperation as an opportunity for Candy to deliver new NFTs that go beyond sports and focus on cultural history.

As it plans to go mainstream this year through a partnership with a special purpose buyout company funded by CC Capital and Neuberger Berman, Getty hasn’t established revenue targets for its new business line. The purchase, which is still subject to SEC clearance, values the firm at $4.8 billion.

NFTs have also been a contentious matter in the field of photography, with some worrying about the energy usage of various blockchains. The ConsenSys-backed Palm blockchain, on the other hand, promises to utilize significantly less energy than the Ethereum Mainnet. Palm has also been interoperable with the cryptocurrency exchange palm Uniswap and the cryptocurrency wallet MetaMask since its debut last year.

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