Are you ready for Cadabra? Canon USA, the global camera and imaging giant, announced the launch of Cadabra! Cadabra is an Ethereum-based NFT marketplace which is based on the field of photography. The marketplace will be launched later this year.
The marketplace named “Cadabra” is a carefully selected platform for tokenized photographs and will debut in this year. It was first introduced at the NFT.NYC Conference this week.
The photo NFT market has not gained as much attention as other NFT types, such as profile pictures (PFPs) and generative art, but it has shown promise in recent times. Therefore, Canon’s entry into this space will likely help to legitimize it further and potentially attract more photographers and collectors to participate in the market.
Photography Categories and Artists
According to a press release, Cadabra will provide photographs in a variety of areas, including animals, sports, lifestyle, and landscapes. Canon has not yet revealed which photographers will be part of the platform. The marketplace will offer both initial drops of photo collections and a secondary marketplace for reselling NFTs.
The platform will be initially released in only the United States, and it will support credit/debit card and cryptocurrency payments. Participating artists will have the option to offer physical prints of their images that Canon will handle in addition to digital images. This feature of the platform could attract collectors who prefer to have tangible items to display, which sets Cadabra apart from other NFT platforms that offer only digital tokens.
Previous Experience of Canon in the NFT Space
Cadabra is not the first experience of Canon in the NFT space. The photography company is interested in this virtual world from last year!
The company collaborated with Immutable Image to launch a line of picture NFTs on Solana in July 2022. Tokenized pictures by photographers, such as Sam Abell, Barbara Bordnick, Melvin Sokolsky, and Joyce Tenneson, were donated to the Solana collection.
Overall, the launch of the Cadabra marketplace is an important milestone for the photo NFT area, as the entry of a well-known company like Canon suggests that the field has potential for growth.