Canon to Build an NFT Art Market Called Cadabra
Canon USA has announced that it is building an NFT art market called Cadabra. This will be a curated photography marketplace for non-fungible tokens (NFTs).
In an announcement, Canon said the marketplace has been built to “empower creators by connecting them to enthusiastic collectors” celebrating the art of photography via a shared appreciation of the digital artworks.
Canon’s plunge into the NFT marketplace comes after Meta’s announcement of that it would allow creators to mint their “digital collectibles” on its image-sharing platform Instagram.
Although visual artists have been enthusiastically embracing NFTs, it is still an intriguing terrain for many visual artists. There are artists who have been hugely successful with NFT sales, even minting millions of dollars. The most famous is visual artist Beeple sold a JPEG image for $69.3 million in 2021 in an auction.
Non-fungible tokens have been hugely popular in spite of last year’s crypto crash. The tokens are verified on the blockchain, providing a transparent history of ownership, trades, and purchases that can be seen by anyone but which is unalterable.
The blockchain network traces the current owner of the tokens to the previous owners and even the original creator of the NFT. Artists must “tokenize” their digital goods or “merch” and upload them into the NFT marketplaces where they can sell them. Decentralized marketplaces such as these give artists considerable control over their digital merchandise without the need for physical copies. NFTs have created new opportunities for artists to monetize their work and engage with their audiences. They eliminate middlemen and procedures and allow artists to seamlessly monetize their work.
Given the large market for photos in the digital age, there is a massive opportunity for photographers to generate income by tokenizing their work and selling them as non-fungible tokens. Canon’s Cadabra NFT marketplace wants to offer photographers just that kind of opportunity.
Canon hasn’t divulged many details on its new curated NFT marketplace but has promised to share detail about its first drop later in the year.
Canon will be previewing the Cadabra digital marketplace at the annual NFT.NYC which is taking place at the Javits Center in New York.
According to Canon, the digital art to be hosted at its digital marketplace will include wildlife, lifestyle, abstract, and landscape as well as other categories that will showcase the works of select creators.
The Cadabra marketplace will only be available in the U.S. at launch. Availability in additional markets will be announced at a later date.
The Canon NFT marketplace will offer flexible payment options for users, accepting cryptocurrency wallets, credit cards, and debit cards. The Cadabra platform’s digital art will be minted on the Ethereum blockchain.
A Phygital Offering
Canon wants to make this a phygital experience, enabling creators at all levels to offer their customers physical prints alongside the initial NFT drops. Canon will fulfill the issues.
Photographers wishing to participate in the Cadabra marketplace can sign up on the dedicated Cadabra website to receive updates as soon as the platform becomes available.
This is not the first time Canon is joining the world of NFTs. In June last year, the company announced the minting of a collection of photo NFTs by several members of the Canon Legends program. These were minted on the Immutable Image NFT marketplace. The “Legends Mint” collection featured photograph NFTs from leading photographers Gregory Heisler, Sam Abell, Walter Iooss, Joyce Tenneson, Barbara Bordnick, Melvin Sokolsky and Ryszard Horowitz.