If you thought Dogecoin was silly, consider "KodakCoin." That's the real name of a real cryptocurrency announced Tuesday by Kodak. Yes, the company best known for cameras and film is getting into the crypto game.
Kodak claims that their unique cryptocurrency will mark the creation of "a new economy for photography." Kodak envisions a world where photographers are paid with KodakCoin and use their system to "sell their work confidently on a secure blockchain platform." To that end, Kodak says its system will scour the web to enforce the intellectual property rights of the images registered there.
Kodak, of course, is not the first company to pivot to crypto; the company formerly known as Long Island Iced Tea saw the value of its shares increase 275 percent when it changed its name and mission to capitalize on the trend. Kodak didn't reach those lofty heights — but it was close. Its shares shot up an astounding 112 percent on the announcement, Bloomberg reports.
But if you think this decision is a shameless money grab, Kodak CEO Jeff Clarke really wants to convince you otherwise: "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."
Totally not defensive!