- Camera giant Canon has announced it’s working on an Ethereum-powered NFT trading platform
- Dubbed Cadabra, the marketplace will cater to the needs of photographers specializing in lifestyle, sports, and wildlife among other areas
- The marketplace will support both initial mints and secondary NFT trading
Camera heavyweight Canon has revealed plans to launch an Ethereum-based NFT marketplace dedicated to photographers in areas such as sports, lifestyle, and wildlife. Labeled Cadabra, the collectibles trading platform will support both initial mints and secondary NFT sales while also allowing creators to provide physical printed images of the tokenized photographs. Although Canon is yet to disclose the list of participating artists, its recent shot at photo NFTs featured Sam Abell and Melvin Sokolsky among other photographers.
NFT Trading Using Crypto and Fiat
The NFT marketplace will be under the company’s United States division and is part of the brand’s budding interest in Web 3.0. Cadabra is set to go live before the end of this year but the company teased the platform during the NFT NYC convention.
— Canon USA Imaging (@CanonUSAimaging) April 13, 2023
According to available details, the platform will start by supporting artists in the United States and will enable NFT trading using crypto and credit card. However, this isn’t Canon’s first step into digital artwork as it partnered with Immutable Image to release The Legends Mints NFTs in 2022.
Despite The Legends Mints being powered by the Solana blockchain, Canon has shifted its allegiance to its competitor Ethereum. The move comes days after the Y00ts NFT project also abandoned Solana for Polygon with DeGods also planning to ditch Solana for Ethereum.
Canon Getting the Picture
News of a photo NFT marketplace by an imaging heavyweight like Canon received a positive reception on Twitter. Most of those interacting with the news expressed their excitement while also requesting details on how to become a featured artist.
this is awesome and def needed in the nft space! how do i apply to be an artist on cadabra?
— andredossantos (@_cryptonym_) April 14, 2023
Although there are other dedicated photo NFT platforms, Canon’s entry into the space is likely to increase the involvement of other major brands like Nikon and Kodak in the Web 3.0 world.