Getty Images is preparing to roll out new photo NFTs to individual collectors. Through its partnership with Candy Digital, visual content creator Getty Images will convert photos from its 1970s music and culture collection into NFTs.
The new collection follows a partnership forged between Getty Images (NYSE: GETY) and Candy Digital in May 2022. At the time, Candy Digital CEO Scott Lawin argued that the partnership will “creatively bring these iconic photographs and rare images from the last two centuries for people to experience and collect in a new digital format.” Lawin believes that partnering with Getty Images is connecting the company with a new kind of audience.
Additionally, Getty Images CEO Craig Peters noted that the partnership with Candy Digital will further the company’s mission of connecting people with unique visual content. He also said that “NFT’s rapidly growing audience of collectors represents significant opportunities for the company and our global community of photographers.”
The collection will include the works of Don Paulsen, David Redfern, Fin Costello, Richard Creamer, Steve Morley, and Peter Keegan. By March 21, these collections will be available on the Candy Digital website for open minting. Their prices will range from $25 to $200. It will be available for purchase in the United States (and territories), Australia, Hong Kong, Japan, the United Kingdom, and some European countries.
Meanwhile, Candy Digital will also be giving introductory NFTs to volunteers between March 7-15.
NFTs for photography are introduced as the NFT market increases
The launch of the collection coincides with a change in the downward trend of the NFT market. After a turbulent 2022, trading volume has grown for four consecutive months. In January, NFT sales increased by 41.96%. In February, NFT trading surpassed $2 billion, which is an increase of approximately 117% over the January figure.
However, there are indications that the increase in NFT trading may not be the result of a renewed public interest in NFTs. the increase seems to be due to the emerging NFT market, Blur. Blur offers delicious incentives to clients for trading high-value NFTs and for only using their platform for their transactions.
Despite questions being raised about the legitimacy of Blur’s tactics, OpenSea’s monthly trade volume increased 18% in February, while reducing creator royalty fees.
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A seasoned writer with practical experience in the fintech industry. When he is not writing, he spends his time reading, researching, or teaching.
