Candy Digital, an NFT startup, has collaborated with Getty Images to introduce a series of NFTs showcasing legendary musicians from the 1970s and the photographers who captured them.
The collection, which is not in limited edition, will go live on March 21, following the announcement of the partnership in May 2021. Candy Digital has previously launched various NFT collections related to sports and entertainment, and has obtained licenses from prominent entities such as Netflix and World Wrestling Entertainment (WWE).
However, the partnership with Getty Images aims to appeal to fans of music and photography—a new market for the company. The collectibles are priced between USD 25 and USD 200 and will be available for a months-long mint availability window. Candy Digital CEO Scott Lawin described the partnership with Getty Images as a long-term relationship that the company plans to build on over time, noting that Getty’s archives contain millions of photos that span a variety of subjects.
Candy Digital was founded in 2021 by Michael Rubin, Gary Vaynerchuk, and Mike Novogratz, and had a valuation of USD 1.5 billion in October 2021. However, the NFT market has seen a decline in consumer appetite for crypto and NFTs, leading to layoffs and job cuts across NFT marketplaces. In January 2022, Fanatics sold its 60% share in Candy Digital to a group of investors led by Galaxy Digital, including ConsenSys Mesh and equity fund 10T Holdings. Despite the challenging market, Lawin said that Fanatics was a “fantastic partner to get started with,” particularly because the company leaned into the sports space.
Currently, Candy Digital’s NFTs are confined to the company’s marketplace established on Palm, an Ethereum sidechain. However, according to Lawin, the firm’s plans for the future involve enabling customers to retain possession of their assets and potentially trade them on diverse marketplaces.