Canon USA to Launch NFT Marketplace Cadabra
While information about Cadabra is still scant, there are indications it will offer initial drops of photo collections, mintable on the Ethereum chain.
Canon USA has announced the upcoming launch of Cadabra, a new Ethereum NFT marketplace dedicated to photography NFTs. Canon USA previously filed a trademark application for the brand in 2022. Upon launch, the platform will offer photos in varying categories including sports, lifestyle, wildlife, and more.
Canon’s launch of a marketplace will not be its first foray into the NFT space. Previously, the global imaging giant collaborated with Immutable Image on Solana. The duo enjoyed a successful NFT drop in July 2022. The Solana-based collection featured tokenized shots from renowned photographers like Sam Abell, Melvin Sokolsky, and Joyce Tenneson.
With the Cadabra marketplace, Canon will provide additional opportunities for photographers to monetize their work and reach a wider audience., Head of Strategy at WAX, Michael Mulcahy believes Canon’s entry into NFTs is significant news for the industry. “As a well-established and trusted brand in photography, Canon has the potential to attract a wide range of artists and collectors to the NFT space,” he concluded.
How Will Cadabra Run?
While information about Cadabra is still scant, there are indications it will offer initial drops of photo collections, mintable on the Ethereum chain. Additionally, participating photographers can print physical copies of their images with Canon. By so doing, Canon will extend digital art beyond the digital space and allow digital creators to have physical items to display.
To ensure accessibility, Cadabra will support purchases with credit/debit cards and cryptocurrency.
While Canon has not yet revealed the photographers it hopes to invite to the platform, interested photographers can sign up on the Cadabra website to receive more information about the platform and its offerings.
Sustainability Concerns Remain
Meanwhile, there are longstanding concerns about NFTs minted on the Ethereum network, Recall that in 2021, artist Joanie Lemercier stopped the sale of his NFT. Lemercir argued that he realized that the single sale would produce more carbon emissions than his physical studio had done in two years.
According to a Cambridge Centre for Alternative Finance report, the energy consumption of the Ethereum network, on which Cadabra will operate, is equivalent to the energy consumption of the entire country of Qatar.
Given these concerns, it remains to be seen how Canon will handle the potential environmental impact of its marketplace.
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An experienced writer with practical experience in the fintech industry. When not writing, he spends his time reading, researching or teaching.
