UpdatesApr 15, 2023

Canon will launch the NFT platform dedicated to photography

An international company producing cameras decided to take advantage of the trend related to non-fungible tokens.

Although the 2022 cryptocurrency bear market has dampened the enthusiasm of international investors to acquire NFTs, leading brands are still moving in this direction. Recently, a leading digital camera company announced that it will launch a dedicated platform based on the Ethereum blockchain. The purpose of creating this platform will be to offer NFTs based on digital photography.

Canon is working on launching its own NFT platform

Despite the recent decline in interest in non-fungible tokens, world-famous brands are still entering this digital space, building NFT-based products aimed at their customers. One of the latest examples to prove this rule is Canon - a leader in imaging technology with a specialization in optics and professional printing.

The camera giant announced on April 13 that it will launch a dedicated Ethereum blockchain-based NFT platform in 2023 that will be dedicated to photography. Canon's newest online platform will be called Cadabra.

The aforementioned NFT market is to provide access to a selected group of tokenized digital photos. It will offer photographs saved in the form of non-fungible tokens depicting wildlife, sports, lifestyle, but also landscapes and additionally several other categories.

Canon has not yet revealed any data on which photographers will work with the platform. It is also unknown whether it will serve as an initial market solution for the purchase of NFTs or for their resale on the secondary market.

In addition to digital photos, which will be sold in the form of non-fungible tokens, potential buyers will also receive physical versions of their purchases. In the initial version, the operation of this platform will be directed only to customers located in the United States. It is also known that payments will be accepted both in cryptocurrencies and using debit and credit cards.

The growing strength of the Web3 sector

This is not Canon's first interaction with the digital asset industry. In July 2022, in collaboration with Immutable Image, this first-mentioned company released its first NFT collection, which was based on the Solana blockchain. It included digital photos from well-known photographers, including Sam Abell, Melvin Sokolsky and Barbara Bordnick.