Canon USA Unveils Cadabra, A New NFT Marketplace
Canon USA has announced its plans to launch a photography non-fungible token (NFT) marketplace dedicated for enthusiastic creators and collectors who appreciate the photography art.
This marketplace, called Cadabra, will be a curated platform launched on Ethereum, offering tokenized photographs across various categories such as sports, lifestyle, wildlife and landscapes.
Cadabra was previewed at the NFT NYC conference this week and will be launched later this year, initially only in the United States. Users can purchase their desired photography NFTs on the platform using either credit/debit card or cryptocurrency at the checkout.
The upcoming official launch will feature an initial drop of photo collections by selected photographers whose names have yet to be disclosed, as well as a secondary marketplace for reselling the NFTs. Participating artists will also have the option to offer physical prints of their images that will be fulfilled by Canon.
Canon’s move into the NFT space follows that of other major brands. Its entry into the growing NFT space suggests that the photography industry is embracing blockchain technology and its potential to offer new revenue streams for creators.
In July 2022, the Japan-origin company collaborated with Immutable Image to launch a photo NFT collection on Solana.
The collection included tokenized shorts from renowned photographers such as Sam Abell (best known for his work with National Geographic), and Barbara Bordnick whose work has been published in fashion magazines like Harper’s Bazaar and Vogue.
Although much has not been revealed about Cadabra yet, interested NFT audiences can sign up for the latest news about the marketplace on its website.