KodakCoin Sales Delayed Several Weeks.

Posted on 2/1/2018 by Jim Pickerell | Printable Version | Comments (0)

If you’re an image creator, or a stock photography customer and you’ve been thinking about getting involved with the new KodakOne you might want to think again.

The initial coin offering (ICO) of KodakCoin, that was supposed to launch on January 31st, has been delayed several weeks. In order to eventually license rights to images it will be necessary to use KodakCoins.
The delay is attributed to the extended process of verifying who of the the more than 40,000 interested investors will be allowed to purchase coins. During the pre-sale $8 million worth of KodakCoins were sold, but it is unclear how many coins that represents or how many coins will actually be offered in the ICO.

Kodak says they are “now moving into the ‘accredited investor’ phase,” and it will take several weeks to determine who will be allowed to purchase KodakCoins. To be “accredited” a person must have (i) an individual net worth, or joint net worth with his or her spouse, that exceeds $1 million or (ii) an individual income in excess of $200,000 or joint income with his or her spouse in excess of $300,000 for the last two years. Only the wealthy can participate.

It is unclear what the coins will actually be worth at the time of purchase, or more importantly, what they are likely to be worth when someone actually wants to license rights to use an image.

So far it hasn’t been explained how someone who wants to pay $50 or $100 USD to license rights to use an image will acquire the necessary KodakCoins to make such a purchase. How much premium will the purchaser need to pay to the wealthy Coin owner? How complex will such a transaction be? Will there be a minimum purchase of Coins?

Once the purchase is made, the coins will be transferred to the copyright owner. How will the copyright owner change the coins he has received into something he can use to buy food? What percentage of the value of the coins will need to be paid out in order to get spendable currency? Are the wealthy the only ones who make money in these transactions?

It should also be noted that it may be years before Kodak gets a site built where imagery can actually be licensed. They will also need to get enough image creators to participate in order to have a collection of images of sufficient size to make it worth a customer’s time to go to the site to search for images. So far they haven’t provided any explanation as to how this will occur.

Copyright © 2018 Jim Pickerell. The above article may not be copied, reproduced, excerpted or distributed in any manner without written permission from the author. All requests should be submitted to Selling Stock at 10319 Westlake Drive, Suite 162, Bethesda, MD 20817, phone 301-461-7627, e-mail: wvz@fpcubgbf.pbz

Jim Pickerell is founder of www.selling-stock.com, an online newsletter that publishes daily. He is also available for personal telephone consultations on pricing and other matters related to stock photography. He occasionally acts as an expert witness on matters related to stock photography. For his current curriculum vitae go to: http://www.jimpickerell.com/Curriculum-Vitae.aspx.  


Be the first to comment below.

Post Comment

Please log in or create an account to post comments.

Stay Connected

Sign up to receive email notification when new stories are posted.

Follow Us

Free Stuff

Stock Photo Pricing: The Future
In the last two years I have written a lot about stock photo pricing and its downward slide. If you have time over the holidays you may want to review some of these stories as you plan your strategy ...
Read More
Future Of Stock Photography
If you’re a photographer that counts on the licensing of stock images to provide a portion of your annual income the following are a few stories you should read. In the past decade stock photography ...
Read More
Blockchain Stories
The opening session at this year’s CEPIC Congress in Berlin on May 30, 2018 is entitled “Can Blockchain be applied to the Photo Industry?” For those who would like to know more about the existing blo...
Read More
2017 Stories Worth Reviewing
The following are links to some 2017 and early 2018 stories that might be worth reviewing as we move into the new year.
Read More
Stories Related To Stock Photo Pricing
The following are links to stories that deal with stock photo pricing trends. Probably the biggest problem the industry has faced in recent years has been the steady decline in prices for the use of ...
Read More
Stock Photo Prices: The Future
This story is FREE. Feel free to pass it along to anyone interested in licensing their work as stock photography. On October 23rd at the DMLA 2017 Conference in New York there will be a panel discuss...
Read More
Important Stock Photo Industry Issues
Here are links to recent stories that deal with three major issues for the stock photo industry – Revenue Growth Potential, Setting Bottom Line On Pricing and Future Production Sources.
Read More
Recent Stories – Summer 2016
If you’ve been shooting all summer and haven’t had time to keep up with your reading here are links to a few stories you might want to check out as we move into the fall. To begin, be sure to complet...
Read More
Corbis Acquisition by VCG/Getty Images
This story provides links to several stories that relate to the Visual China Group (VCG) acquisition of Corbis and the role Getty Images has been assigned in the transfer of Corbis assets to the Gett...
Read More
Finding The Right Image
Many think search will be solved with better Metadata. While metadata is important, there are limits to how far it can take the customer toward finding the right piece of content. This story provides...
Read More

More from Free Stuff