WENN Digital, the developer of the blockchain based KODAKOne Image Rights Management Platform, has announced that the offering of Simple Agreements for Future Tokens (SAFTs) and the underlying KODAKCoin Token will officially commence on May 21, 2018. The offering will be facilitated through Cointopia and managed via Pickwick Capital Partners, LLC and Exemplar Capital, LLC, both FINRA-member firms and SEC-registered broker-dealers.
KODAKOne Platform is expected to launch a beta program in late 2018 and will provide an image marketplace where users can buy, sell and trade photos based on licensing terms and conditions. The platform will create an encrypted ledger of rights ownership for photographers to protect, manage and monetize their new and archived works – making it significantly cheaper and faster to register, move and sell their digital images.
Jan Denecke, CEO of WENN Digital said they were excited the SAFT and the underlying security token was “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.”
Cam Chell, chairman, co-founder and co-architect of KODAKOne Platform, said there are an estimated 1.2 trillion photos uploaded to the web last year. Most of these images are uploaded without the permission of copyright owners.
“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.”
The KodakCoin offering became emblematic of an old line corporation seeking to push into the distributed ledger space. Following the announcement, Wenn filed a series of Form D’s with the Securities and Exchange Commission. The latest Reg D 506c filing indicated that KODAKCoin – Wenn is seeking a SAFT offering of around $176 million. Another SEC filing in March, highlighted the details of the relationship between Kodak (NYSE:KODK) and Wenn.
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