Kodak, the company that brought you the iconic film used to take all your vacation pictures when you were a kid, has been working to diversify into more profitable ventures.
But the company may be regretting one particular venture.
KodakOne, a cryptocurrency project licensed to use the Kodak name, promised to bring photographers a new stream of revenue. Instead, it may have brought itself a lawsuit for allegedly owing thousands of dollars in outstanding invoices to contractors the firm recruited to build the platform.
The Next Web reported that the contractors, through European recruiting agency iFindTech, want to receive more than $125,000 in accumulated invoices, according to emails the publication has seen that were sent by a U.K.-based law firm. The firm threatens a lawsuit will be filed if KodakOne doesn’t pay.
At least two other contractors are also reportedly seeking payment for unpaid invoices. One photographer blasted KodakOne over social media, which a company spokesman told The Next Web will result in its own lawsuit.
This is a long way from January when Kodak announced its KodakOne licensing partnership with WENN Digital and sought photographers, who would be paid in a new cryptocurrency called KODAKCoin.
“With KODAKCoin, participating photographers are invited to take part in a new economy for photography, receive payment for licensing their work immediately upon sale, and for both professional and amateur photographers, sell their work confidently on a secure blockchain platform,” the companies said.
However, after KodakCoin’s initial coin offering in May, it has yet to be found on any exchange desks, according to The Next Web.
All told, it’s not a pretty picture for the company that brought you Kodachrome.