Kodak is no stranger to the challenges of the medium's transition to digital - despite accounting for as much as 90 percent of film sales and 85 percent of camera sales in the USA at its peak, the company struggled with changes to the market in the late 1990s and was forced to refocus on new technologies.
The Rochester-based company announced Tuesday that it's launching its own digital licensing and cryptocurrency similar to Bitcoin.
Kodak, founded in 1880 and well known for its legacy in film-based photography, says it's partnering with WENN Digital on the KODAKOne platform to create an encrypted, digital ledger of rights ownership for photographers to register both new and archive work that they can then license within the platform.
Blockchain is a ledger where transactions of digital currencies, like bitcoin, are recorded.
"The initial coin offering will open on 31 January, 2018 and is open to accredited investors from the US, UK, Canada and other select countries".
Shares of Eastman Kodak Co (KODK.N) more than doubled on Tuesday after the one-time leader in photography became the latest company to jump on the cryptocurrency bandwagon. Bitcoin has surged from less than $1,000 a year ago to more than $14,000.
The stock was last up 92 percent at $5.95 in midafternoon trading on the New York Stock Exchange, off an earlier high at $6.65.
Several other companies in recent weeks have been rewarded with sharp rises in share price after announcing their transformation into cryptocurrency businesses.
Riot Blockchain (RIOT.O) shares have tripled since October when the former biotechnology firm changed its name and said it was revising its business focus to bitcoins.
Recently, Long Island Iced Tea Corp. said it plans to change its name to Long Blockchain Corp., as it wants to focus more on blockchain technology, while continuing to make beverages.