In the process of finding an alternative for CMOS technology, various new technologies have emerged with emphasis on reducing the power consumption. Amongst the various technologies, nanomagnetic logic (NML) serves as a favourable replacement. Nanomagnetic logic is a new computing paradigms for the beyond CMOS technology that uses both memory and logic elements between nanomagnets using field-coupled technology. This paper explores the approximate computing concept in nanomagnetic logic. Approximate computing is an emerging computing paradigm where we can trades-off the power with accuracy. We have put forward two approximate 8-bit Dadda multipliers that have been designed using two different 5:2 approximate compressors using majority-based logic. The effectiveness and efficiency of these multipliers are evaluated using image processing algorithms and comparison with other approximate multipliers. © 2020 Inderscience Enterprises Ltd.