As market conditions improve in 2022, Canon, the world’s largest camera manufacturer, aims to establish its brand identity by creating a market for NFTs, consistent with its innovative approach, and consistent with the latest trends.
Big firms are reentering the market as the chaos of 2022’s market conditions settles. Canon, the world’s largest manufacturer of cameras, wants to provide the groundwork for its novel idea—a market for NFTs that is consistent with its brand identity.
The American division of renowned camera brand Canon revealed its plans to introduce Cadabra, an Ethereum NFT marketplace devoted to photography, later this year. The first announcement was made at a panel discussion at the NFT NYC Conference hosted by the image behemoth.
Canon’s Cadabra marketplace will offer curated photo NFTs in nature, sports, and leisure categories, but details are scarce. Additionally, Canon disclosed that the platform would act as a secondary market for exchanging NFTs.
The business hasn’t said which artists would take part in the effort, but it has said that it will help with the printing and delivery of actual prints of the NFTs created by those artists. The platform will initially only be available in the United States and will accept bitcoin and credit/debit card payments.
On the other hand Prior to 2022, Canon and Immutable Image jointly introduced an NFT collection on Solana.
In 2021, the Web3 startup Airwire released a camera app that would mint NFTs of users’ images. According to CryptoSlam, Ethereum is the network with the highest volume of NFT sales, bringing in almost $500 million in March.
With its NFT marketplace, Canon is making a significant entry into the web3. Although the company’s use case and target market are ideal for its new platform, it has limited Web3 experience. However, the move might spur other businesses to create comparable systems, which would ultimately spur customer adoption.