- Getty Images’ NFTs will be minted on the Ethereum sidechain Palm blockchain
- LimeWire recently partnered with UMG to allow artists signed to the entertainment giant to release NFTs in an upcoming marketplace
British-American visual media firm Getty Images has completed an agreement with digital collectables company Candy Digital to release its first non-fungible tokens (NFTs). According to an official announcement published on Tuesday, the NFTs would be minted on Palm blockchain, an Ethereum sidechain.
Getty Images intends to draw material for its NFTs from its collection having more than 465 million images, including 135 million previously unseen analogue archival works. Sales of the tokens would happen on Candy Digital’s marketplace, with the firm also tasked with developing the said NFTs. The goal is to establish a diverse pool of digital collectables in the long run.
“Through this partnership, Getty Images and Candy Digital will collaborate and develop a diverse portfolio of NFT products and collections derived from Getty Images’ extensive library of more than 465 million images,” the official release read.
Getty Images CEO Craig Peters said the new offering allows the stock images provider to dive into a new market to breach a new customer base. Candy Digital’s Scott Lawin noted that the NFTs would enable his company to grow its reach beyond sporting into culture and history.
“This partnership represents an exciting step forward in Candy’s evolution as we expand and diversify beyond sports and establish Candy as a leader in the worlds of digital entertainment, culture, and art.”
Getty Images said there’ll be more than 30 million digital collectables minted annually.
LimeWire locks in UMG
Elsewhere, LimeWire – which recently rebooted as an NFT marketplace – has reached an agreement with iconic entertainment giant Universal Music Group (UMG) to allow the artists launch their digital collectables on the platform.
Per the official announcement, the partnership will allow all artists signed to Universal Music Group and its labels, including Def Jam Recordings, Capitol Records, and Motown Records, to share items including backstage content, audio-visual material, bonus tracks, uncut demos and other art-worthy content with fans.
The partnership indicates the changing landscape around music and music sharing. With some huge names, including Taylor Swift, Kendrick Lamar, and The Rolling Stones, the interaction between artists and their fans is already shifting with time.