KODAKOne, a blockchain platform aiming for the protection of image copyrights is all set to go live in the market with the token sale of its KodakCoin later this month.
KODAKOne platform for image copyright compliance
KODAKOne, the blockchain-based system is all set to begin the sale of Simple Agreements for Future Tokens (SAFTs) later this month on May 21. Wenn Digital that has created the blockchain system which seeks to protect the copyright of photographs and images on its platform announced the news today.
According to Wenn, Kodak, the US photography brand has minority stakes in Wenn Digital. Kodak has been actively involved in the development of blockchain platform with Wenn.
The Co-founder and chairman of KODAKOne, Cam Chell talked about the platform and the purpose it serves:
“By pairing blockchain technology with KODAKCoin Tokens, KODAKOne Platform will provide a licensing platform that enforces copyright compliance and tracks the usage of images – giving photographers more control over licensing, while at the same time creating a creative community and a comprehensive marketplace that meets all their image and related needs.”
SEC compliant KodakCoin issued via SAFTs
The project was first announced in January that shot its stock prices to rise 3-fold which was expected to go live that month but due to regulatory issues, it got delayed.
Chell told Reuters in an interview:
“We really took a step back and decided that we would ensure that all Ts were crossed and Is dotted before we embark on a public sale. We wanted to make sure that we got it right.”
In order to comply with the rules of the US SEC, KODAKOne took the route of SAFT for their coin offering. By issuing SAFTs, companies don’t need to register with the SEC as only accredited investors can participate in the token sales. The SAFTs of KodakCoin are being sold for $1 per piece.
Jan Denecke, the CEO of Wenn Digital shared his thoughts on SAFTs:
“We are excited to offer the SAFT and the rights to the underlying KODAKCoin Token in a manner structured to fully comply with an exemption to the SEC’s registration requirements. Our goal with this offering is utmost security and transparency, working to bring digital tokens to investors by adhering to industry best practices and in a manner that we hope instills public confidence in the crypto space.”
Reportedly, the pre-sale of the tokens has already been conducted by Wenn Digital to the accredited investors that raised approximately $10 million. Though the capital requirement of the company is $20 million, Chell said demand is much bigger, “I think $50 million is our sweet spot.”
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I am an associate content producer for the news section of Coingape. I have previously worked as a freelancer for numerous sites and have covered a dynamic range of topics from sports, finance to economics and politics.