Global imaging brand Canon today announced the launch of its own Ethereum powered NFT marketplace named Cadabra later in 2023. The marketplace is a dedicated marketplace for photography and will feature significant collections of wildlife, sports, lifestyle and landscape photos curated by participating professional photographers. Besides offering digital images, Cadabra will also make it possible to purchase physical prints of the images, and will accept both credit/debit cards and cryptocurrency payments, with the marketplace only being available in the US at launch.

It has previously been seen in the past how Canon is looking to delve into the NFT sector. In July 2022, the camera and imaging giant collaborated with Immutable Image to launch a series of photo NFTs on the Solana blockchain, an addition to their already diversified operations. Furthermore, a blockchain-based digital asset digitization program was also announced in August 2020, with Canon partnering with blockchain firm dianomi.

The photo NFT space may be relatively small compared to the larger crypto art segment, however the collections by artists such as Justin Aversano (“Twin Flames”) and Isaac “Drift” Wright (“Where My Vans Go?”) are highly sought after, with other dedicated photo NFT platforms being Quantum Art and Sloika. Such developments point towards Canon’s entrance into the digital art space and it will be interesting to see how its platform will compare to existing platforms and how it will shape the industry in the long run.



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