There have been some mixed feelings after the photo company Kodak officially announced their new “photo-centric cryptocurrency,” which is aimed at photographers who license and sell their work. Some people are skeptical about the release of the cryptocurrency, dubbed KODAKCoin, but numbers don’t lie: Kodak stock has been rising since the announcement at International Consumer Electronics Show in Las Vegas.
Check out their stock: pic.twitter.com/stPdxDz0Zl
— Scott Gustin (@ScottGustin) January 9, 2018
Others took notice of the jump as well:
— Nischal (Crowdfire) (@NischalShetty) January 10, 2018
One Twitter user even posits that cryptocurrency may be the way for companies falling into obscurity to stay relevant, suggesting maybe Blockbuster should follow suit.
BREAKING: Kodak announces #ICO, stock jumps 44%.
Are ICOs the new brand revival? We going to see Blockbuster, or Blackberry coin next?
— Erick Miller (@erick_miller) January 9, 2018
Despite the rise in stock and relevancy, not everyone is convinced that KODAKCoin is such a great idea.
The cryptocurrency is supposed to help photographers receive compensation when their work is used without a license. However, Kodak will apparently receive half of all the bitcoin these artists produce.
Kodak is selling a Bitcoin miner where you pay for a two year contract and “make a profit”. (*at current prices, Kodak gets half of all bitcoin you produce.) This is the dumbest shit I’ve ever seen at CES. pic.twitter.com/rbzECVEMn7
— Chris Hoffman (@chrisbhoffman) January 9, 2018
Others in the Twitter community just believe the company’s ploy is simply a reflection of how far the “sad diminished” giant has fallen.
This is so grim – it's not even the sad diminished Kodak company doing this, it's a random company that licensed the Kodak brand name from the sad diminished Kodak company. https://t.co/DPE3XkmNe4
— Tom Gara (@tomgara) January 10, 2018
Skeptics aside, others think the idea just might take off. One Twitter user reminds us that people initially laughed at the idea of Uber.
Kodak, the legacy photo company, announced a Bitcoin miner today that allows anyone in the world to mine the new digital asset.
There are a lot of folks laughing at them.
Who knows if it works, but remember that people laughed at Uber and Airbnb initially too.
— Pomp 🌪 (@APompliano) January 9, 2018
Matt Galligan chimed in on the issue, pointing out that copyright and licensing via a blockchain is actually a sensible idea, if Kodak pulls it off correctly.
Joking aside, copyright and licensing via a blockchain makes loads of sense. Kodak is a strong brand to carry that mission, but obviously the devil will be in the details.
— Matt Galligan (@mg) January 9, 2018
Pretty huge news all around! Whether or not Kodak can successfully make this happen in a way that doesn’t screw users over will remain to be seen. I leave you with this pun-filled tweet:
I notice Kodak is getting into crypto currencies..I don't want to be 'negative' on Kodak and feel they should 'focus' on photography but maybe they see cryptos through a different 'lens.' I don't want to 'shutter' any investor expectations but let's see what 'develops' #KodakCoin
— Dan Petrie (@DGPetrie) January 9, 2018
Either way, Kodak is certainly getting plenty of ‘exposure’!