Canon USA, the American arm of the famous Japanese camera and digital imaging company, has announced plans to launch Cadabra, a new Ethereum-based NFT marketplace for photography later this year. The marketplace will feature a range of photos across different categories, including sports, wildlife, landscapes, and lifestyle.
— Canon USA Imaging (@CanonUSAimaging) April 13, 2023
Canon has yet to disclose the participating photographers, but the platform will offer physical prints of the images fulfilled by Canon in addition to the tokenized photos. Cadabra is a curated marketplace for tokenized photographs, offering initial drops of photo collections and a secondary marketplace for reselling NFTs. This marks Canon’s second foray into the NFT space after its successful NFT drop on the Solana blockchain with Immutable Image in July 2022. The Solana-based collection included tokenized shots from notable photographers like Sam Abell, Barbara Bordnick, Melvin Sokolsky, and Joyce Tenneson.
The Launch of Cadabra Making Waves
The launch of Cadabra is expected to attract further attention from traditional players in the photography world as Canon continues its move into Web3. This shift towards blockchain-based marketplaces and the tokenization of assets is gaining momentum across industries, including music, art, fashion, and real estate.
The photo NFT space has been relatively small compared to more significant segments like PFPs and generative art. Still, it has yielded valuable collections, such as Justin Aversano’s “Twin Flames” and Isaac “Drift” Wright’s “Where My Vans Go?”. Other dedicated photo NFT platforms include Quantum Art, Fellowship and Sloika.
Cadabra will initially be available only in the United States and will support credit/debit card and cryptocurrency payments. The announcement of Canon’s entry into the Ethereum-based NFT photography market is an exciting development for the industry. It is expected to generate further interest in the niche photo NFT space and bring increased attention to the potential of Web3 technology for traditional players in the photography industry.
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