Before the turn of the year there was the start of a growing trend of more established companies announcing their intentions to hold their own initial coin offerings (ICOs). While the likes of Telegram have held massively successfully token sales, Kodak is one that has postponed its ICO, with its set date being unclear up until the last couple of days.
The details of the sale have finally been announced. This ICO is based upon a project which is an image rights management platform which is based upon the blockchain. It is now almost four months past the planned ICO date.
What new details have now emerged?
It has now been announced that this ICO is going to begin on the 21st of May. This announcement was made by WENN Digital who is the creator of the KodakOne platform.
While in the past there was uncertainty on their part as to whether or not their new token would be classified as a security, they have now said that they are happy that the way they have structured their upcoming token sale that it will be compliant will all guidelines of the Securities and Exchange Commission (SEC).
They will be hosting the ICO on the Cointopia platform and its means of distribution will be via the Simple Agreements for Future Tokens (SAFTs) contracts. The initial price per token is going to be $1. The broker dealers that are looking over this sale are Exemplar Capital and Pickwick Capital Partners.
What are the plans for this platform?
As there are about 1.2 trillion photographs uploaded to the internet each and every day during 2017, there is obviously a high demand for a rights management platform as most of these were uploaded without the permission of the copyright holder. This means that there is a lot more work that photographers have to do, for less pay when it comes to their photography work.
By utilising blockchain technology, KodakOne is able to be a licensing platform for these photographers and it will ensure that copyright compliance will be enforced and the use of images is going to be tracked. This means the power is put back into the hands of the photographer when it comes to the likes of licensing.
With this partnership, it is said that WENN Digital mad payment to Kodak in the form of a $750,000 licensing fee for their branding, as well as $1.25 million worth of WENN common stock.