Canon USA has announced the launch of Cadabra, a photography marketplace for Non-Fungible Tokens (NFTs), which will offer a variety of digital art from invited creators with a goal to empower creators by putting them in touch with passionate collectors who share their admiration for digital artworks.
Canon, the Japanese multinational corporation known for its imaging and optical products, is now venturing into the world of Non-Fungible Tokens (NFTs) through its upcoming photography marketplace named Cadabra.
Following its partnership with Immutable Image in July 2022 to issue a collection of photo NFTs, Canon is now making its second entry into the NFT market with this announcement.
About Cadabra
Cadabra is scheduled to go live in the latter part of this year, and will offer a curated platform of digital art spanning a variety of categories, including landscape, wildlife, lifestyle, sports, abstract, and others. In addition, the site will have a secondary market for the reselling of NFTs, providing artists with the chance to sell actual prints, which Canon will then fulfill.
Canon has not provided a great deal of specific information regarding the functioning of their soon-to-be-launched curated NFT marketplace. However, later on in this year, according to Canon’s announcement, the company would share information regarding the “first drop” of Cadabra as well as its developers.
Nevertheless, Canon’s Cadabra is an exciting development for the NFT market, particularly for photography enthusiasts and artists. With Canon’s reputation as a leading manufacturer of cameras and lenses, the company’s involvement in the NFT market is expected to draw more attention to digital art and further legitimize its value.
Canon’s previous foray into NFTs
Canon’s previous collaboration with Immutable Image in July 2022 resulted in “The Legends Mint” collection launched on the Solana blockchain, which included photograph NFTs from accomplished photographers such as Sam Abell, Barbara Bordnick, Gregory Heisler, Ryszard Horowitz, Walter Iooss, Jr., Melvin Sokolsky, and Joyce Tenneson. The success of this collaboration may have inspired Canon to further explore the NFT market and establish its own marketplace.
Final Thoughts
Canon’s launch of Cadabra is a testament to the growing importance of NFTs in the artistic world. This move signifies the company’s desire to explore new technologies and leverage its expertise in photography to tap into the burgeoning NFT market. It remains to be seen how the marketplace will operate and how it will fare in the highly competitive NFT market, but one thing is for sure – the Cadabra marketplace is sure to attract attention and generate interest among art collectors and photography enthusiasts alike.
Rickie Sanchez is an article writer specializing in cryptocurrency news. Since late 2017, he has been actively investing in cryptocurrencies. He is enthusiastic about everything that has to do with crypto and he hopes that the readers of his articles in the years to come will gain a massive understanding of blockchain technology.
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