Gandeng Candy Digital, Getty Images Launches NFT Photography

Get Ready to launch NFT. (Photo; Doc. Yahoo Finance)

Getty Images is preparing to launch a new photography NFT for individual collectors. Through its partnership with Candy Digital, a visual content creator, Getty Images, will change photos from its 1970 music and cultural collection to NFT.

This new collection follows a partnership established between Getty Images (NYSE: GETY) and Candy Digital in May 2022. At the time, Candy Digital CEO Scott Lawin argued that the partnership would "creatively revive iconic and rare photos of the last two centuries in order to be enjoyed and collected by people in new digital formats." Lawin believes that partnering with Getty Images will connect companies with new types of audiences.

In addition, Getty Images CEO Craig Peters stated that partnerships with Candy Digital will advance the company's mission to connect people with exclusive visual content. He also said that "the rapidly growing audience of NFT collectors represents significant opportunities for our global company and photographer community."

This collection will include the works of Don Paulsen, David Redfern, Fin cap, Richard Creamer, Steve Morley, and Peter Keegan. On March 21, this collection will be available on Candy Digital's website for open printing. The price will range from US$25 (Rp386 thousand) and US$200 (Rp3 million).

The collection will be available for purchase in the United States, Australia, Hong Kong, Japan, Britain, and several European countries. Meanwhile, Candy Digital will also provide NFT introductions to volunteers between March 7 and 15.

NFT Photographary Begins To Be Introduced

The launch of this collection coincides with the decline in the trend of the NFT market. After the volatile 2022, trading volume has grown for four consecutive months. In January, NFT sales increased 41.96 percent. In February, NFT trading exceeded 2 billion US dollars (equivalent to Rp30.8 trillion), amounting to about 117 percent increase from January.

However, there are indications of a spike in NFT trading may not be the result of a new public interest in NFT. The spike appears to be due to the growing NFT market, Blur. Blur offers lucrative incentives to customers to trade high-value NFTs and only use its platforms for their trade.

Despite the question raised about the validity of Blur's tactics, OpenSea's monthly trading volume increased by 18 percent in February while lowering creator's royalty costs.