KODAKOne has finally announced the dates for its long-awaited ICO. The sale will begin on the 21st May and will be split be between a pre-sale and public sale. It has been reported that the pre-sale has already raised $10 million.
A joint venture between Kodak and Wenn Digital, the project hopes to raise $50 million. The token sale was originally scheduled for January but was put on hold due to uncertainty over the regulatory environment.
KODAKOne is a blockchain designed to protect the copyright of images or photographs registered on the platform. The platform will also allow image owners to protect, monetise and distribute images. Photographers and other image owners will pay for the platform’s service using KodakCoins.
The token sale will be registered with the SEC and take the form of a Simple Agreement for Future Tokens (SAFT). This means that the tokens will be issued when the platform is launched. It also means the token sale will only be open to accredited investors. Cam Chell, co-founder and chair of KODAKOne, expects the platform to be launched later this year.
Many analysts are sceptical of the plan, with Fast Company magazine describing the initiative as “Kodak’s last-ditch effort to remain relevant.” However, the platform is perhaps less of a Kodak initiative than it’s being made out to be. Kodak apparently owns a minority stake in Wenn Digital and will licence their name to KODAKOne. In return, Kodak will receive just 3 percent of the issued tokens.