Canon USA is set to launch a new photography NFT marketplace as the company expands its presence in the world of Web3. This marks Canon’s first major foray into the world of Web3, following a successful NFT drop in 2022. Cadabra will launch later in 2023 and will feature both initial drops of photo collections and a secondary market for resales.
Canon USA to Launch Photography NFT Marketplace
Canon USA, the American arm of the world’s largest camera and imaging company, has revealed that it will launch a new photography NFT marketplace later this year. The Cadabra marketplace will offer tokenized photographs in various categories, with participating artists able to offer physical prints of their images. Canon will fulfill orders for these prints, and the marketplace will support both credit/debit card and cryptocurrency payments.
Canon’s entry into the photography NFT market is likely to be well-received by both photographers and collectors. The ability to tokenize photographs and offer them for sale as NFTs opens up new revenue streams for artists. It also gives collectors access to unique and valuable pieces of digital art. With the launch of Cadabra later this year, Canon will be hoping to establish itself as a major player in the world of Web3 and NFTs.
Canon Aims to Establish Itself as a Major Player in the World of Web3
The Cadabra marketplace will feature both initial drops of photo collections and a secondary market for resales. Canon previewed the marketplace at the NFT NYC conference this week and is aiming to launch it later in 2023.
The Cadabra marketplace will compete with other photography NFT platforms such as Quantum Art and Sloika. Justin Aversano (“Twin Flames”) and Isaac “Drift” Wright (“Where My Vans Go?”) have both created important photo NFT collections. The new marketplace represents Canon’s first major push into the world of Web3, following a successful NFT drop in 2022.
Canon’s Entry into Photography NFT Market Marks an Exciting Development
Canon has yet to reveal which photographers it will feature on the platform. However, the company has promised a diverse range of categories, including wildlife, athletics, lifestyle, and landscapes. The rise of NFTs has opened up new revenue streams for artists and given collectors access to unique and valuable pieces of digital art. Canon will be hoping to establish itself as a major player in this exciting and rapidly-evolving space.