The world of photography is about to embrace the Web3 revolution, as Canon USA unveils its plan to launch Cadabra, an Ethereum-based NFT marketplace dedicated to photography. Canon is no stranger to the NFT space, having made a previous foray into it in 2022, and is now set to expand its presence with this groundbreaking platform.
The magic of Cadabra
Slated for release later in 2023, Cadabra is a curated marketplace for tokenized photographs. The platform will feature a diverse array of photographic genres, including wildlife, sports, lifestyle, and landscapes.
Although Canon has yet to announce the specific photographers who will participate in Cadabra, the marketplace promises initial drops of photo collections, as well as a secondary market for reselling the NFTs.
Physical meets digital
In an innovative twist, Cadabra will not only showcase digital images but also allow artists to offer physical prints of their work. Canon will handle the fulfillment of these prints, providing a unique blend of the physical and digital worlds. Initially launching in the United States, Cadabra will support payments through both credit/debit cards and cryptocurrencies.
Canon’s NFT History
Prior to the announcement of Cadabra, Canon had already dipped its toes into the NFT market in July 2022 with a Solana-based photo NFT collection. Created in partnership with Immutable Image, the collection featured tokenized photographs from renowned photographers such as Sam Abell, Barbara Bordnick, Melvin Sokolsky, and Joyce Tenneson.
Tapping into an NFT niche
While the photo NFT space may be relatively niche compared to the larger segments like profile pictures (PFPs) and generative art, it has produced lucrative collections for photographers in the past. Cadabra joins other dedicated photo NFT platforms, such as Quantum Art and Sloika, in carving out a space for photographic artistry in the Web3 world.
Canon’s foray into the world of photo NFTs with Cadabra showcases the company’s commitment to embracing the Web3 revolution. By bridging the gap between digital and physical art, Canon aims to empower photographers and provide a new way for fans to appreciate and collect photographic masterpieces.
