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Report: Contractors Threaten to Sue KodakOne over Outstanding Fees

Last Updated October 2, 2020 8:31 AM
Jimmy Aki
Last Updated October 2, 2020 8:31 AM

KodakOne, a blockchain based rights management and protection platform for photographers, is owing contractors hired to develop its platform over $100K.

According to a report on HardFork , KodakOne has been accused by a group of contractors of refusing to make payments of their contracting fees as at when due. In an email sent by UK law firm London Law Practice to the news outlet on the behest of the contractors, the professionals want the blockchain startup to make payments for outstanding invoices as agreed in their terms of employment.

HardFork quoted London Law Practice, who stated:

“Unfortunately, apologies and unfulfilled promises of a payment proposal are not enabling my client to pay the people that did the work for KodakOne. Time is short, and in the absence of any meaningful payment proposal, court proceedings will be commencing in seven days.”

The popularity of KodakOne reached fever pitch after the platform announced that it was releasing an Initial Coin Offering as a means of raising funds for an intellectual property rights and photograph distribution platform. KodakOne also announced that they planned to release KodakCoin, its native token. The project was initially overseen by RYDE Holdings (formerly known as Wenn Digital). After the announcement, Kodak’s stock surged over 200% on the New York Stock Exchange, but it is since plummeted significantly since then.

Although company executives are still promoting the project at various events worldwide, development has stalled on the platform.

Back in September, Global Blockchain, a lead investor in KodakOne, announced that the platform as to partner with Lobster, an Artificial Intelligence and machine learning-based platform that enables photographers and users of social media platforms to monetize their pictures and videos. Through this partnership, KodakOne was to monitor and support over 10 million images and videos that were stored in the Lobster database.

Jan Denecke, CEO at RYDE Holdings, said, “For us, the launch of our partnership with Lobster is a perfect use case for our mission: Giving photographers, artists and the average smartphone user full control of how their images are being used across the web,”

The KodakOne Post-Licensing Portal (PLP) was also launched last month , in a move that introduced the PLP as the first pillar of services in the KodakOne platform. They claimed that it was able to handle 1 billion images in a second and that it could provide prospective mage right infringers with a simple way of accessing image usage rights retroactively and avoiding legal or licensing issues.

Featured image from Shutterstock.