Canon USA is working on a new project called Cadabra defined as an online marketplace that will feature a curated selection of photography for sale in the form of non-fungible tokens (NFTs).
Coming soon: a curated photography marketplace from Canon USA.
Sign up now to stay connected!https://t.co/kyze0naOVE pic.twitter.com/uhNGAZDJuy— Canon USA Imaging (@CanonUSAimaging) April 13, 2023
Canon USA is a constituent of the global renowned company specializing in optical, imaging, and industrial products such as lenses, cameras, medical equipment, scanners, printers, and semi-conductor manufacturing equipment.
Canon cameras are considered some of the best digital video and photography cameras in the world.
Canon will be launching an #NFT marketplace dubbed 'Cadabra' on the #Ethereum blockchain in 2023 pic.twitter.com/KaWbJzNOzH
— BitKE (@BitcoinKE) April 24, 2023
According to Canon USA, the Cadabra marketplace aims to connect creators with collectors who share a mutual appreciation for digital artworks, particularly those in the form of non-fungible tokens (NFTs). The platform is designed to empower photographers by allowing them to showcase their work and connect with a community of enthusiastic collectors.
Canon has not yet shared any specific information about the marketplace’s operation, including details about its first drop, but has stated that it will release more information later in 2023.
Canon is giving a preview of its Cadabra digital marketplace at the ongoing NFT.NYC event, which is being held at the Javits Center in New York City.
“The digital art will range from landscape, wildlife, lifestyle, sports, abstract, and other categories to spotlight the stunning work of the invited creators,” Canon says.
The Cadabra marketplace will initially be limited to the United States upon its launch, with further availability in other regions to be announced at a later date.
Cadabra will support both cryptocurrency wallets and credit and debit cards for payment. The digital artworks on the platform will be minted on the Ethereum blockchain. Unlike some other NFT marketplaces that require specific cryptocurrencies for transactions, Cadabra users will be able to use a range of payment options.
The new Cadabra digital marketplace will allow creators to offer purchasers prints of their digital artwork, thereby expanding beyond the digital space. Canon has stated that it will fulfill these print orders, giving digital content owners a physical item to display alongside their digital NFT.
Canon has had a previous involvement in the NFT space. In June 2022, the company announced that some members of its Canon Legends program had minted a limited collection of photo NFTs on the Immutable Image NFT marketplace.
The collection, called ‘The Legends Mint,’ featured NFTs of photographs from well-known photographers, such as Barbara Bordnick, Walter Iooss Jr., Sam Abell, Ryszard Horowitz, Melvin Sokolsky, Gregory Heisler, and Joyce Tenneson.
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