Photo company Kodak’s new platform, Kodak One, has recently launched its own cryptocurrency called KodakCoin in Las Vegas’ annual Consumer Electronics Show.
KodakOne is the company’s image rights management platform designed to produce an encrypted ledger of rights in digital format for photographers to easily register their work. The platform allows photographers to easily license their work.
Meanwhile, KodakCoin permits photographers to receive pay for licensing their work upon sale. They can also sell their work on a blockchain platform in a secure manner.
The launch of KodakCoin saw Kodak’s share price increase to $13 from $3.
Kodak’s blockchain initiative was created with the help of Wenn Digital, the parent company of Wenn media – a paparazzi photo agency. Wenn Media similarly has its own cryptocurrency called Ryde.
Details of Kodak’s new platform is unclear. But its aim is to make it easy for photographers to collect payments from anywhere in the world as well as easily and quickly make transactions. KodakCoin is intended to be their universal currency for payments on the Kodak platform after a scheduled initial coin offering this January 31.
The interest and skepticism in cryptocurrencies skyrocketed at the start of the year when Bitcoin’s initial price of $1,000 reached to almost $20,000 in December.
Photographers have long had issues with unlicensed images of their work. It is hoped that via blockchain technology, a traceable ownership right will be established via a decentralized ledger. The system would assist photographers to track any of their works once it appears anywhere online.
However, the use of KodakCoin is initially available to a select few. A disclaimer found on the website of KodakCoin states that purchasing tokens is currently available to “accredited investors”.
These investors, according to the U.S. Securities and Exchange Commission, are individuals or married couples having a net worth of not less than $1 million – not including their primary residence. Also included are investors who have an annual income of $200,000 or more (for individuals), and $300,000 or more annually (for spouses).
New York university professor Amy Whitaker expressed her appreciation for a platform that allows artists to receive royalties for their work, however, she also noted how the current platform only allows a few artists to participate.
“It’s great to see any announcement about things that let artists participate in the market for their own work, (but)most artists are probably not accredited.”