Canon USA, the American branch of renowned Japanese camera and digital imaging company Canon, has announced its plan to launch an in-house NFT photography marketplace called Cadabra. According to reports, the Ethereum-based marketplace will offer a range of photos across various categories like sports, wildlife, landscapes, and lifestyle. Canon has yet to reveal the participating photographers, but they have confirmed that the platform will feature physical prints of the pictures that Canon will fulfill, in addition to the tokenized photos.
This move marks Canon’s second foray into the NFT space, following the 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 is expected to spark interest from traditional players in the photography world as Canon continues its move into Web3. The trend 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. However, 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. 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.
In conclusion, Canon USA’s announcement of its in-house NFT photography marketplace is set to create a stir in the photo NFT space. The platform industry is expected to generate greater interest, bringing more attention to the potential of Web3 technology as traditional players move into the blockchain-based marketplace.