In the past few months, a number of companies have whispered the word “blockchain” and seen their stock prices explode, including a Hooters franchise owner, an iced tea company, and a biotech firm whose CEO promptly sold off around $870,000 in stock. So hey look! Camera manufacturer Kodak is now crypto!
That’s right, Kodak is now engaged in some kind of ambiguous crypto venture, the Verge reports. After announcing a “major blockchain initiative and cryptocurrency” on Tuesday, Kodak’s stocks have jumped to $6.80 as of around 11pm ET after hovering in the $3 range all week.
That’s the crypto blockchain magic at work, baby!
Crypto. Block. Chain:
KodakCoins will work as tokens inside the new blockchain-powered KodakOne rights management platform. The platform will supposedly create a digital ledger of rights ownership that photographers can use to register and license new and old work. Both the platform and cryptocurrency are supposed to “empower photographers and agencies to take greater control in image rights management,” according to the press release. The digital currency is meant to create a new economy for photographers to receive payment and sell work on a secure platform.
In a statement that could be fairly said to read a little too much on-the-nose, Kodak CEO Jeff Clarke said, “For many in the tech industry, ‘blockchain’ and ‘cryptocurrency’ are hot buzzwords, but for photographers who’ve long struggled to assert control over their work and how it’s used, these buzzwords are the keys to solving what felt like an unsolvable problem.”
Per Barron’s, Clarke said later in the day that blockchain technology would “be tremendously significant” in the future, though he clarified, “This doesn’t change the fundamentals in a way that means the stock should double.”