Yesterday, Canon USA, the American division of a leading Japanese manufacturer of optical, imaging, and medical equipment, announced its plan to launch Cadabra, an Ethereum-powered NFT marketplace for photography later this year.
"Cadabra is a curated photography marketplace from Canon U.S.A., Inc. that offers a selection of digital art (NFTs) from innovative creators. 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," Canon describes its NFT marketplace on the project's official website.
Canon also shared more details about its NFT platform with attendees at the NFT NYC 2023 conference, which started on April 12 and continues through today. For instance, it is already known that the marketplace is planned to have categorization based on the photo themes such as lifestyle, wildlife, landscapes, sports, and others. It is also intended to be a platform to support both initial NFT submissions and the resale of photos.
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In addition, Canon will provide artists with its printing services to produce physical versions of photos. It is also known that the company will integrate Cadabra with cryptocurrency payment methods as well as credit and debit cards.
Professional photographers who rely on Canon equipment, amateurs who shoot with Canon, and NFT enthusiasts are looking forward to testing the new marketplace dedicated exclusively to photo NFTs. Still, while some Twitter users are already inquiring about opportunities for selling their works on Cadabra, which has not been launched yet, there are also skeptical photographers who, despite preferring Canon gear over any other photography equipment, do not believe the NFT project will support creators.
These concerns may have arisen from recent changes in the creator royalty policies of many popular marketplaces. Magic Eden, LooksRare, and X2Y2 were among the first NFT trading platforms to significantly reduce royalty fees or resign from them altogether. While this move ensured that NFT collectors received the best prices for their purchases, many artists found such a strategy unacceptable, as it called into question the entire concept of an NFT as a way to generate revenue from secondary sales. However, it is not yet known what Canon's strategy will be regarding creator royalties.
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With proper planning and a focus on creators, a new marketplace can bring many benefits to photographers who will be able to reach a wide audience of people passionate about digital art and have the chance to make more money and retain ownership and transferable rights, regardless of the number of people who have copies of photography NFTs.
MakeAnAppLike, an online publishing platform, cited Michigan-based landscape photographer Bryan Minear in its 2022 post, who was able to sell all five of his photos within ten minutes after making his first NFT drop using Bitsky Wallet.
"By the end of the day, I was crying," Minear said. "It's not life-changing money, but it's kind of incredible when you've been creating for the love of it for so long and then you finally get that moment of validation, like someone loves your work so much they're willing to spend money on it."
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It will also be interesting to see how Cadabra will differentiate itself from other NFT marketplaces. Although most popular platforms are heavily occupied by generative artworks and profile pictures (PEPs), photographers can still use them to sell their works. Some creators, including Isaac "Drift" Wright and Justin Aversano, have achieved great success in the NFT space.
So far, Rarible, OpenSea, AtomicMarket, and SuperRare are some of the best options available to photographers. It remains to be seen whether Cadabra, which specializes exclusively in photography, will become a game changer.
Not that for Canon it is already the second NFT project. In June 2022, the company launched its exclusive NFT collection, "The Legends Mint," using the Solana blockchain on OpenSea.
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"Canon Legends is a program created by Canon to honor and preserve the legacy and leadership of some of the most accomplished photographers of our time and former members of its renowned Explorers of Light program. Legends participating in this first-of-its-kind Canon Legends NFT collection include Sam Abell, Barbara Bordnick, Gregory Heisler, Ryszard Horowitz, Walter Iooss, Jr., Melvin Sokolsky, and Joyce Tenneson," the leading imaging solutions provider stated in its press release.
Canon's entry into the NFT space with Cadabra presents an intriguing opportunity for photographers and collectors alike. The unique focus on photography, combined with the potential for integration with Canon's physical printing services, positions Cadabra as a distinct platform in the crowded NFT marketplace. This initiative could provide photographers with new revenue streams and greater exposure. Enthusiasts looking to showcase their digital art in physical form might also explore options like Wallpics for high-quality canvas photo prints, blending the digital and physical realms of art in innovative ways. As Cadabra prepares for its launch, the photography community remains eager to see how this platform will shape the future of photo NFTs.
