Kodak launches new cryptocurrency in partnership with WENN Digital
The latest new cryptocurrency to hit the market comes from an unlikely source as Kodak launch KodakCoin following a partnership with WENN Digital to launch a new type of image rights protection and transfer technology.
KODAKOne, the tech behind KodakCoin, hands photographers a new way to manage rights ownership of their work with a digitally encrypted ledger, allowing the registration of new and existing portfolios that are available for license. Given WENN’s substantial experience in in copyright law, AI-enabled image recognition and post-licensing monetisation systems the move is turning heads in investment and photography technology circles alike.
“Utilizing blockchain technology,” reads the Kodak website, “the KODAKOne platform provides continual web crawling to monitor and protect the IP of the images registered in the KODAKOne system. Where unlicensed usage of images is detected, the KODAKOne platform can efficiently manage the post-licensing process to reward photographers.”
“For many in the tech industry, ‘blockchain’ and ‘cryptocurrency’ are hot buzzwords, but for photographers who’ve long struggled to assert control over their work and how it’s used, these buzzwords are the keys to solving what felt like an unsolvable problem,” Kodak CEO Jeff Clarke explained in a press release. “Kodak has always sought to democratize photography and make licensing fair to artists. These technologies give the photography community an innovative and easy way to do just that.”
The new coin has been met with excitement in some quarters, most notably from those who managed to double their investment following the launch and subsequent announcement of the technology – opening at $3.10 a share Tuesday December 9, Eastman Kodak’s share price drove up to $7.47 following the licensing partnership with Wenn Digital. It has risen above $11 today (Thursday December 11). But some critics are sceptical of the new initiative, fearing its longevity and sustainability.
“The real concern in the financial community is whether Kodak’s senior management has come up with this idea as a way to boost the stock price and let short term holders cash out,” said George Conboy, chairman of Brighton Securities, via USAToday. “It appears that Kodak is jumping on a bandwagon that has lately been driven primarily by hysteria, and smacks of a move that suggests that management doesn’t have any better options.”
The initial coin offering will open for public investors on January 31, 2018 and is open to accredited investors from the U.S., UK, Canada and other select countries. For more information and to sign up to updates, you can visit KODAKCoin.com.