Has Gettyimages slashed prices that much? As a layman, I thought that if you were a good photographer, you could live off the royalties you get there, or at least build up a nice income. But if Gettyimages keeps lowering the prices, then the photographer's income also decreases. Shit.
I think NFT is a huge opportunity for artists and photographers. You can already create an NFT and with every resale the creator earns a certain percentage.
The question is whether it is technically possible to link the right to use an image to the NFT. That is, only the person who bought the image or owned it at least once or at the time of publication can use it.
But I'm sure someone will come up with a much better idea. I think it's terrific what ingenuity comes to light in this field.
Yes, the payout for photographers on Getty is awful since a few years. They have introduced volume packages for many clients with high-profile accounts and sometimes payouts of royalty fees for photographers go as low as 0,30 cents per image download. Getty Images charges 70% from the fees. So it's not as attractive / financially sustainable anymore to try to live on royalty fees. Many photographers are therefore looking for ways to restructure their licensing process and to create a certain option of scalability.
NFTs sound like a great start for Fine-Art Photographers and Designers to connect to collectors and participate in the long-term value of their artwork. I agree that there is a lot of opportunity for artists, although I would not know where to start yet as a creator.