It sounds as if the content behind these NFTs will be old archival images Getty owns, not images where royalties would be paid, but I'm guessing they're looking for growth somewhere and have been convinced that NFTs might provide that. If any of the images used in NFTs are royalty-bearing, I wonder how Getty will compensate the copyright-holder.

https://decrypt.co/100681/getty-images-to-launch-first-nfts-on-palm-through-candy-digital

As far as Shutterstock "watching out", I don't expect this effort to go anywhere, and neither does the author of the above article:

"The NFT community at large, however, appears less interested in photography and more interested in trading the metaverse or profile picture project of the week. Notably, the top 100 collections on OpenSea�whose marketplace still makes up the vast majority of all NFT sales�does not include a single photography collection. "

Some more coverage of this announcement:

https://bitcoinist.com/getty-images-forays-into-nfts/
https://www.builtinseattle.com/2022/05/18/getty-images-sell-nft-candy-digital
https://blockchain.news/news/getty-images-to-start-nft-marketplace-with-candy-digital
https://www.coinspeaker.com/getty-images-candy-digital-nfts/

I've been looking for more information on the announced (Dec 2021) SPAC deal to take Getty public again. Lots of other SPAC deals have fallen apart this Spring:

https://www.marketwatch.com/story/goldman-sachs-and-other-big-banks-hit-spac-pause-button-as-market-shifts-and-new-regulations-loom-11652189888