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The NFTs, which are one-of-a-kind blockchain tokens that represent ownership, will be created on the Palm blockchain, an Ethereum-compatible sidechain.
With a focus on turning never-before-seen archive works into NFTs, Getty Pictures will draw from its library of over 465 million images, including 135 analog photographs.
New NFTs that go beyond sports
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 sees the cooperation as an opportunity for Candy to deliver new NFTs that go beyond sports and focus on culture and history.
Candy’s marketplace, which already has ties with Major League Baseball, NASCAR, and WWE, will host primary and secondary sales for the NFTs.
Photography NFTs have already established themselves as a distinct subculture from Bored Apes, CryptoPunks, and Okay Bears.
Cath Simard, Elise Swopes, Randall Slavin, Aimos Vasquez, and Anna McNaught are among the photographers who have sold images for thousands of Ethereum (ETH), and OpenSea includes a “trending photography” category.
NFTs have also been a contentious topic in the photography field, with some people worrying about the energy usage of various blockchains.
However, the Palm blockchain, which is supported by ConsenSys, promises to utilize 99 percent less energy than the Ethereum Mainnet.
Palm has also been compatible with the decentralized exchange Uniswap and the cryptocurrency wallet MetaMask since its launch last year
Getty Images is getting into NFTs
With over 415 million assets, including award-winning imagery, video, music, multimedia, and premium digital content, Getty Images provides the most exclusive and distinctive creative and editorial visual content in the world.
Getty Images has distribution offices all around the world and uses the Internet to distribute its images, with over 2.3 billion searches per year on its sites.
Getty Images has digitized the collections of older picture agencies and archives as it has acquired them, allowing for internet distribution.
Getty Photos’ images are meant to be used in commercial and journalistic projects. To use the image in most projects, even personal ones, you’ll need to purchase a license.
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Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
