Kodak Postpones Token Sale, Share Price Tumbles
The Kodak Coin sale was postponed, and the share price sank as the January 31 date passed.
The Kodak share price tasted some of the volatility of the crypto space, as the price fell from its peaks above $9 and shrank toward $7. The hype around the KodakCoin ICO, which would see the creation of a digital asset for copyright protection, lifted the Kodak company shares by 300%, from lows of around $3.
The Kodak Coin ICO may still happen in the next few weeks. But this time, the climate for token sales may have worsened further.
Additionally, Kodak's reputation was tarnished by the recent Bitcoin mining scheme, in which a contract to purchase an ASIC machine and mine Bitcoin for a fixed monthly payout was criticized as a potential scam.
But there is one more hurdle to buying any of the new Kodak Coins: the ICO, being fully compliant with US laws, will only be open for accredited investors. Those are usually high net worth individuals, who would be educated enough to understand the risks, and be able to absorb them.
ICOs for accredited investors are a relative rarity in the crypto world, where participation can be as low as a few hundred dollars. But some token sales rely on larger-scale buyers, hence the requirement for full verification and accredited investor status.
The Kodak Coin ICO, which plans to release a blockchain solution related to the tZERO platform, claims to have gathered the emails of up to 40,000 backers. But high initial interest is rarely a guarantee of success for an ICO. The coin would still have to compete on exchanges, and appeal to the crypto community.
It has come to our attention that there are several spam websites and social media sites promoting and even selling the KODAKCoin. Please be advised that there is only one official KODAKOne and KODAKCoin Twitter page.— KODAKOne (@KodakOne) 27 января 2018 г.
Our official ICO website is https://t.co/PbuiUP2HgX
The high demand for the coin also brought out scammers and phishing sites, which is not unusual for high-profile ICOs.
At the moment, the token sale for Kodak Coin has not started yet, so any link offering tokens would be dubious.