Kodak Launched Own? The Real Story

Kodak did not launch its own cryptocurrency in a meaningful, lasting way, but it did announce and briefly test one called KodakCoin in 2018. The coin was part of a licensing deal with a third-party company, not a core Kodak product, and it never reached a public market. This article explains what actually happened, why the project stalled, and what it means for the company and for anyone curious about the saga.

Background: Kodak’s Slide and the Blockchain Craze

Eastman Kodak Company, once a titan of photography, filed for Chapter 11 bankruptcy in January 2012. After emerging in 2013, it sold off patents and tried to reinvent itself as a commercial printing and imaging firm. By late 2017, the cryptocurrency boom was in full swing, and many legacy companies saw an opportunity to attach their names to blockchain projects. Kodak, desperate for relevance and revenue, was no exception.

In January 2018, Kodak announced a partnership with WENN Digital, a licensing and image-rights firm, to create KodakCoin. The idea was to let photographers register their work on a blockchain, control usage rights, and get paid instantly in the coin when their images were licensed. The announcement sent Kodak’s stock price up by nearly 120% in a single day, showing how much hype surrounded any blockchain tie-in at that time.

What Was KodakCoin Supposed to Do?

The stated goal of KodakCoin was to solve a real problem in professional photography: unpaid or underpaid image usage. Photographers would upload their images to a platform called KODAKOne, which would use web-crawling software to find unauthorized copies online. When a violation was found, the platform would help the photographer claim compensation, and the payment would be made in KodakCoin.

The system was designed to be a closed loop: the coin only existed within the KODAKOne ecosystem, not as a general-purpose currency. That meant its value would depend entirely on the success of the platform and the number of photographers using it. In theory, if the platform attracted enough users and generated enough licensing revenue, the coin would have real utility. In practice, the platform never launched publicly.

The Initial Coin Offering That Never Happened

Kodak announced that it would hold an initial coin offering (ICO) for KodakCoin in early 2018, with a planned sale to accredited investors. The company even ran a “KodakCoin� promotional campaign at the Consumer Electronics Show (CES) in Las Vegas in January 2018. However, the ICO was repeatedly delayed. By May 2018, Kodak said it was postponing the sale to “allow for additional participation� and to ensure compliance with securities regulations.

Later reports revealed that the ICO was quietly shelved. No public sale ever occurred, and the coin was never listed on any major cryptocurrency exchange. In 2019, the project was effectively dead, and Kodak’s annual report made no mention of it. The company had licensed its brand to WENN Digital, but when the partner failed to deliver, Kodak simply walked away.

Why Did KodakCoin Fail?

Several factors contributed to the project’s collapse. First, the cryptocurrency market crashed in 2018, with Bitcoin losing more than 70% of its value by year’s end. That made investors far more cautious about new tokens. Second, the regulatory environment in the United States tightened, with the SEC cracking down on ICOs that it deemed unregistered securities. KodakCoin was likely seen as a security, and the company did not want to risk a legal battle.

Third, the underlying business model was questionable. The KODAKOne platform would have required a massive network of photographers and buyers to function, and Kodak had no experience in running a licensing marketplace. Competitors like Getty Images and Adobe Stock already dominated that space. Finally, the whole endeavor was a brand licensing deal, not a core Kodak project. When the partner lost momentum, Kodak had little incentive to push forward.

Kodak’s Other Blockchain Ventures

KodakCoin was not the company’s only foray into blockchain. In 2018, Kodak also announced a partnership with a company called RYDE Holding to create a “Kodak KashMiner� – a Bitcoin mining machine that would be placed in Kodak’s Rochester, New York headquarters. The plan was to rent the machines to customers and share the mining profits. However, the KashMiner was widely criticized as a poor deal for customers, and it never shipped in significant numbers.

These ventures were part of a broader trend of legacy companies trying to capitalize on blockchain hype. Kodak’s name recognition made it a natural target for startups seeking legitimacy, but the company itself had no deep expertise in cryptocurrency or blockchain technology. Its forays were more about brand monetization than genuine innovation.

What Happened to Kodak Afterward?

Kodak continued its transformation into a commercial printing and advanced materials company. It sold its document imaging business to Brother Industries in 2022 and focused on digital printing and packaging. The KodakCoin project faded into obscurity, and the company has not announced any new blockchain initiatives since. In 2023, Kodak’s stock was trading at a fraction of its 2018 peak, and the company remains a niche player in the imaging industry.

The KodakCoin saga is often cited as a cautionary tale about the dangers of chasing hype. It also highlights the difference between a company using blockchain as a core part of its business versus simply attaching its name to a third-party project. For photographers, the underlying problem of image theft remains unsolved, but KodakCoin did not become the solution.

Frequently Asked Questions

Is KodakCoin still available?

No. KodakCoin was never publicly sold, and the project was abandoned by 2019. There is no active exchange listing or trading pair for it. Any website claiming to sell KodakCoin today is likely a scam.

Did Kodak actually create its own blockchain?

No. Kodak licensed its brand to WENN Digital, which was building the KODAKOne platform and the KodakCoin token. Kodak itself did not develop any proprietary blockchain technology.

Why did Kodak’s stock jump when KodakCoin was announced?

Investors were caught up in the 2018 cryptocurrency mania, and any company with “blockchain� in its announcements saw a temporary surge. The jump was speculative and not based on any actual revenue or product.

Could KodakCoin have worked if the market hadn’t crashed?

Possibly, but the business model was unproven. The platform would have needed a critical mass of photographers and buyers, and Kodak had no experience in that market. The market crash made an already risky project even less attractive.

What is the KODAKOne platform now?

KODAKOne never launched publicly. The domain and concept were part of the same failed project. No functional platform exists today.

Is there any real cryptocurrency associated with Kodak today?

No. Kodak has not launched any new cryptocurrency or blockchain product since the KodakCoin failure. The company’s focus is on printing, packaging, and advanced materials.

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