Getty Images, the popular stock-photo juggernaut, is now hopping on the NFT bandwagon through a partnership with Candy Digital. Candy Digital, a Fanatics Inc.-owned digital collectible company, will collaborate with Getty Images to create a varied range of NFT items from Getty's vast library of visual media.
Getty Photographs was established in 1995 and has since become the go-to marketplace for high-quality images of all types. The company's database contains about 465 million photographs, 135 million of which are analog images. Getty absorbed previous picture agencies over time, and its library now spans 170 years of photographic history.
The pair intends to launch their NFT products on the Palm network, an Ethereum sidechain. Palm Studios has already formed alliances with Candy Digital, MetaMask, Warner Brothers, Chainlink, and others.
Getty Chief Executive Officer Craig Peters stated that he is unconcerned about the NFT market's swings because the company is in it for the long term. He sees Getty's role in generating trust between consumers and phony merchants as one of the most crucial parts of the NFT market's future growth and development.
Despite Getty's dominance in the stock image industry, the company will face stiff competition from other companies that have already joined the NFT area, such as Associated Press, which began selling its own NFTs on a new marketplace in January of this year.