As stated at the beginning of this year in an announcement from Kodak – the huge technology company – a photographer specific Cryptocurrency was scheduled to be released. The Initial Coin Offering was planned for the end of January but for several reasons the date was pushed back by four months.
The aim behind this latest Cryptocurrency would be for the sole purpose of offering a digital ledger for rights ownership to photographers. The ledger would naturally be encrypted. This is an absolutely huge step forward for photographers in securing the rights of their work, something that has eluded the photography industry for years. The Cryptocurrency will be industry changing without a doubt.
Kodak’s Blockchain will be the registration point for photographers and their work, with KODAKCoin acting as the currency. Photographers will not only be able to receive payment in KODAKCoin but they will also be able to pay any rights fees too using this one platform. This really would be their catchall and will offer a final piece of mind to all in the industry.
This has been a long and overdue act from Kodak who have previously not been involved in the Cryptocurrency industry. But they have certainly entered it with a bang now!
So What Now?
The Simple Agreements for Future Tokens (SAFTs) will be on sale from the 21st May marking the start of the KODAKCoin. At the moment, the sale is restricted and only available to accredited investors. SAFT’s are not a currency in themselves but instead are contracts of investment that are sold for a price to accredited investors as highlighted above. The aim behind SAFTs is to raise funds for the development of a product such as KODAKCoin through the contracts, which effectively promise access to KODAKCoin when it is available to the market.
The decision to opt for the SAFT route rather than the tokens immediately was announced a couple of months ago. The developing company WENN Digital outlined that KODAKCoin would be a utility token rather than a security, which meant tokens would not go on sale. WENN Digital sought the advice of the US Securities and Exchange Commission (SEC) before deciding on the selling of SAFTs.
The SAFTs will be sold for $1 each and the sale will be held on the Cointopia platform with Pickwick Capital Partners and Exemplar Capital managing the whole process in line with SEC requirements and standards. Kodak is very keen to ensure that its introduction into the Cryptocurrency industry is well co-ordinated and successful with complete and utter transparency and tight security as the overarching aims.
Photographers are already extremely interested in the KODAKCoin as well as investing into Kodak following this latest announcement. This just goes to prove how much KODAKCoin is needed and valued in the photography industry. It is a huge, huge announcement, which has addressed a major photography concern. It allows photographers to finally have fair and honest licensing over their products. Watch this space for photography to move into the next century.