The long-awaited KODAKCoin sale will start on May 21st, but potential investors should be wary, as there have already been fraudulent sites set up, claiming that they are hosting an ICO. The truth is, there is no ICO; the sale will be in the form of SAFTs (Simple Agreements for Future Tokens), which will be sold at $1 each.
Limited Sale, Massive Interest
SAFTs are designed to fund development in exchange for a future product, and this particular sale will be limited to accredited investors, WENN digital have announced. The sale will be through Cointopia only, and is expected to generate massive interest. The KODAKOne image rights platform will allow photographers to securely attribute publishing rights to their work, while the KODAKCoin cryptocurrency will provide a secure, fair way for photographers to sell and protect their work – something that has caused issues in the world of photography for years.
Utilizing blockchain technology, the KODAKOne platform will provide continual web crawling to monitor and protect the IP of the images registered in the KODAKOne system. Where unlicensed usage of images is detected, the KODAKOne platform will efficiently manage the post-licensing process to reward photographers.
And running a SAFT sale allows all parties to avoid contravening any SEC regulations, as Jan Denecke, the CEO of WENN Digital, explained:
We are excited to offer the SAFTs and the rights to the underlying KODAKCoin 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.
Do you predict major success for WENN Digital and Kodak? Let us know your thoughts.