Canon USA, the American arm of the global camera and imaging giant Canon Inc., is moving forward in Web3, launching a curated photography NFT marketplace. Dubbed Cadabra, it will run on the Ethereum blockchain and is expected to be rolled out later this year.
Cadabra will offer artworks in various categories such as landscapes, sports, wildlife, and lifestyle. Aside from digital images, participating artists will also be able offer physical prints of images that Canon will fulfill. The platform also revealed it will feature both initial drops of photo collections as well as a secondary store for reselling the NFTs.
Although it is unclear which photographers will participate in the marketplace, it’s known that Cadabra will initially be opened in the U.S., supporting credit/debit card and cryptocurrency payments.
Canon said the soon-to-be-launched product would bring together creators and collectors who appreciate the art of photography.
"The Cadabra marketplace aims to empower creators by connecting them to enthusiastic collectors who celebrate the art of photography through a shared appreciation for these digital artworks," the company said.
The latest development is unsurprising as Canon filed a trademark application in January, identifying an online marketplace for buyers and sellers of blockchain-based art and prints of NFTs.
Also, Canon is no stranger to the NFT realm. The company previously partnered with Immutable Image to roll out a "Canon Legends" collection on the Solana blockchain. Renowned artists who participated in the artwork include Sam Abell, Barbara Bordnick, Gregory Heisler, Ryszard Horowitz, Walter Iooss, Jr., Melvin Sokolsky, and Joyce Tenneson.
In a bid to up their game, web2 companies like Canon have continued to enter the web3 world in recent times. With the upcoming launch of a photo NFT marketplace, Canon can offer photographers improved experiences while creating new revenue streams for artists and its business.