The SCRT token on Secret Network has seen an increase in value, probably as a result of Quentin Tarantino’s highly reported NFT dump on the network.
SCRT has been gaining momentum in the run-up to Quentin Tarantino’s inaugural NFT auction. Between January 17 and 31, 2022, the network will air a collection of rare Pulp Fiction edits.
Secret Network is a decentralised network that focuses on privacy-preserving smart contracts. It was developed using the Cosmos SDK. SCRT reached an all-time high of $10.38 on Oct. 28 according to CoinGecko statistics. Tarantino followed up with an announcement of his NFT release a few days later.
It was hit by a recent crypto market dip, but has since risen. At the time of writing, it is trading at $8.70, up 32% in the past 24 hours.
Secret Network has gained further popular exposure in recent weeks as a result of Tarantino and Miramax’s protracted legal struggle over the planned Pulp Fiction NFTs.
On Nov. 17, 2021, Miramax, which released Pulp Fiction, sued Tarantino, alleging that the NFTs constitute intellectual property and violate a contract deal in which Tarantino surrendered “all rights in and to the Film,” including “all copyrights and trademarks.”
Meanwhile, Secret Network maintains that Tarantino holds the “sole rights to distribute his Pulp Fiction script,” which has been in his private possession for many decades.
Each of the seven NFTs reflects a piece of the film’s handwritten script. According to the collection’s official website, holders of the NFTs get unique audio commentary from the writer-director. Due to the unique nature of each item and the fact that they are being distributed on Secret Network, the owner of each NFT will be the only one with access to the material. According to the auction conditions, NFT holders will not get commercial rights to the film’s script, which will stay with Tarantino. According to the website, each NFT may be retained purely for the owner’s “personal, non-commercial use.”
The legal struggle between the two parties has increased in the closing days leading up to the auction’s start. Tarantino’s attorney, Bryan J. Freedman, submitted a stop and desist letter to Miramax on Wednesday, objecting to the studio’s “attempts to interfere with and depress the sale of NFTs.” This follows Miramax’s Monday legal notification to SCRT Labs CEO Guy Zyskind.
According to Freedman, Tarantino maintains all publication rights to the Pulp Fiction script under United States copyright regulations. He said that Tarantino NFTs function as a “means allowing the purchaser to identify and obtain the published script or sections thereof.” According to Freedman’s statements, the NFTs would not utilise any material from the film; the initiative has also branded the release as a collection of “unique moments.”
Due in part to the legal turmoil, the NFT drop has been one of the most well-publicized auctions in recent weeks, and it will take place only on Secret Network. This, together with the network’s inherent privacy characteristics, may contribute to adoption. Tarantino’s NFTs also establish Secret Network as a viable NFT hub, albeit it will face stiff competition from Solana, Tezos, and the current market leader, Ethereum.
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