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- Canon USA is launching an Ethereum-based NFT marketplace dedicated to photography called Cadabra later this year.
- Cadabra is set to offer tokenized photographs across various categories, such as wildlife, sports, lifestyle, and landscapes, and will initially launch in the United States.
- Though Canon has not yet disclosed which photographers will participate, the marketplace is expected to feature initial drops of photo collections as well as a secondary marketplace for reselling the NFTs.
Following an initial preview during the NFT New York City conference, digital imaging solutions giant Canon USA has announced that it will launch an Ethereum-based non-fungible token (NFT) marketplace for photography, called “Cadabra,” later this year.
What is Cadabra?
In a statement, the Cadabra marketplace claims to empower creators by connecting them to enthusiastic collectors who celebrate the art of photography through a shared appreciation for these digital artworks.
According to the camera manufacturer, Cadabra is set to feature initial drops of photo collections as well as a secondary marketplace for reselling the NFTs.
Though Canon has not yet disclosed which photographers will participate, Cadabra is expected to offer tokenized photographs across various categories, such as wildlife, sports, lifestyle, and landscapes, and will initially launch in the United States. In addition to digital images, Cadabra will also allow artists to offer physical prints of the images, which Canon will fulfill.
As of this writing, the camera manufacturer has confirmed that the marketplace will accept credit cards, debit cards, and cryptocurrency payments once it is fully operational.
Traditional Firms Entering the NFT Space
This is not the first time that Canon has set foot in the NFT space. In 2022, Canon also launched a series of photo NFTs on Solana in collaboration with Immutable Image. The 1618-piece collection from world-famous photographers Sam Abell, Barbara Bordnick, Gregory Heisler, Ryszard Horowitz, Walter Iooss Jr., Melvin Sokolsky, and Joyce Tenneson was completely sold out.
Other web2 companies are also introducing NFTs to their schemes.
Recently, e-commerce giant Amazon announced its venture into the digital asset space, in which it would allow its consumers to purchase NFTs tied to real-world properties. In a statement, the company clarified that it is currently developing this integration with the creation of an NFT marketplace–it may be available to customers in April.
Last February, major music streaming platform Spotify launched a pilot test of a token-enabled playlist through the Bored Apes supergroup Kingship. Access to the playlist is limited only to KINGSHIP Key Card (NFT) holders. Prior to this, Spotify tested an option to include NFT galleries on musicians’ profiles for some selected users on Android in the United States in May 2022.
Moreover, LG Electronics, an appliance manufacturer, launched its own marketplace called LG Art Lab which will allow users to “buy, sell, and enjoy high-quality digital artwork” on their US LG televisions.
Last year, Limewire, the early 2000s peer-to-peer file-sharing program, came back with a twist as it relaunched as a “marketplace for music NFTs,” which intends to feature art and other entertainment-related digital assets.
In 2021, one of the world’s largest auction houses, Sotheby’s, launched its NFT-exclusive marketplace called Metaverse; the launch marked the first of its kind NFT-only sale among blue-chip auction houses.
This article is published on BitPinas: CAPTURE IT ALL: Camera Manufacturer Canon to Build NFT Marketplace for Photography
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.