Canon to Build an NFT Art Market Called Cadabra – Virtual Reality Times


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…

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