Will Tarantino Be Able To Sell The Pulp Fiction NFTs? Or Will Miramax Prevail?
15 Janvier 2022 - 10:51AM
NEWSBTC
In two days, the auction of the first Pulp Fiction NFT will take
place. A historical moment for the nascent industry, one that will
set precedent for years to come. When Quentin Tarantino and the
Secret Network announced a partnership aimed at releasing NFTs from
the classic ’90s film, the world listened. Unfortunately for them,
so did Miramax. The studio still holds the right to Pulp Fiction,
so they sent a cease and desist letter. Related Reading |
Upside Potential in NFTs is Massive Says Gary Vaynerchuk The caveat
here is that “the unique value proposition from The Secret Network
lies in the name; the NFTs will be “secret” and only accessible by
the NFTs owner.” When NewsBTC covered this story, we
explained: “That fact makes the lawsuit endlessly
interesting. Only the person that buys the NFT can see what’s
inside, so Miramax has no clue about the kind of content they’re
suing for. They just know they own the rights to the picture and
the discarded material, but, besides the reports and the marketing
material, they’re as in the dark as the rest of us about the actual
content.” What has happened since then? A LOT. Let’s explore the
new developments in the case. Bidding begins in one week! Register
now on https://t.co/IafaEEqDqU. The future is now. You won't want
to miss this. $SCRT $ATOM $ETH pic.twitter.com/qILjbtNZSH —
Tarantino NFTs (@TarantinoNFTs) January 10, 2022 Unreleased Scenes
And Material In the beginning, the implication was that the NFTs
would contain unreleased material from Pulp Fiction. Miramax
entered the picture and everything changed. Again, from NewsBTC’s
previous report: “On the day of the announcement, The Secret
Network released a statement that quotes the director himself. “I’m
excited to be presenting these exclusive scenes from PULP FICTION
to fans.” Tarantino says. “Secret Network and Secret NFTs provide a
whole new world of connecting fans and artists and I’m thrilled to
be a part of that.” Tarantino’s words suggest simpler times. We’re
nowhere near that stage anymore.” The Content Of The Pulp Fiction
NFTs Changed After the cease and desist letter, it transpired that
Tarantino only kept the rights to Pulp Fiction’s script. Recently,
IndieWire quoted a statement that Proskauer Rose, one of Miramax’s
lawyers, sent them: “There’s been no attempt to dismiss any
of Miramax’s claims by Tarantino’s team, nor have they filed any
counter claims or motions against Miramax, and since Miramax filed
its lawsuit, the promotional website and Twitter account for the
proposed sale have scaled back the unauthorized use of imagery from
Miramax films (including Pulp Fiction)” And he’s right about
that. A casual visit to the @TarantinoNFTs Twitter account will
reveal that the people involved in the sale fazed out all images
related to Pulp Fiction and replaced them with just text or high
contrast images of Quentin Tarantino himself. The content of the
NFTs also changed, now The Secret Network describes them as:
“Tarantino owns the exclusive rights to publish his Pulp Fiction
screenplay and the original, handwritten copy has remained a
personal creative treasure he has kept private for decades. In
collaboration with SCRT Labs, Tarantino has turned chapters from
this historic document into a one-of-a-kind NFT publication. Each
NFT in the collection consists of a single iconic scene, as well as
personalized audio commentary by Tarantino himself.” Are they legal
now? That’s the question. SCRT Market Cap, calculated by
TradingView | Source: TradingView.com The Secret Network Proceeds
The auctions will go from January 17th to the 31st. It will happen
on the Secret Network and not on OpenSea, as originally announced.
Did OpenSea run away from the controversy and possible litigation?
We wouldn’t know. The Secret Network, on the other hand, is milking
the situation to the extreme. Money can’t buy this kind of
publicity. Their press release quotes Guy Zyskind, founder and CEO
of SCRT Labs: “Secret Network is proud to stand with Quentin. We
are committed to working with talented artists across the globe, by
providing them a better way to release their works directly to fans
without relying on older distribution models, which favor
conglomerates over creators.” 3 days to go. Historical fact #1:
Quentin Tarantino writes his screenplays by hand ✍️ For Pulp
Fiction, he kept the original screenplay a secret for *28 years.*
This priceless piece of history will be revealed for the first time
in next week’s auction – but only to the buyer 🤫
https://t.co/wXbIUPOXUO pic.twitter.com/msgwomNs27 — Tarantino NFTs
(@TarantinoNFTs) January 14, 2022 Miramax Attacks For their part,
Miramax’s lawyers sent Zyskind a letter that claims: “Contrary to
what you assert you are being told by Mr. Tarantino and his
team, You do not have the necessary rights to mint the Pulp
Fiction NFTs described in your press releases and other promotional
materials; You do not have the necessary rights to market or
promote those NFTs; and Despite your now having assumed the
role of auctioneer, you do not have the necessary rights to promote
and sell those NFTs.” Not only that, they included a direct threat
to possible NFT buyers: “We would hope that you also inform
prospective purchasers of the risks of purchasing these
unauthorized NFTs, including that purchasers may have to return the
NFTs to Miramax and forfeit the price they paid for such NFTs, and
that purchasers may incur additional liability in the event they
later sell the unauthorized NFTs” Guy Zyskind response? He took to
Twitter and replied: “Your attempt to bully and intimidate us, and
our community, will not work. This lawful sale of TarantinoNFTs
will continue as planned, despite your efforts to sabotage it.” Hey
@Miramax. Got your letter. Your attempt to bully and intimidate us,
and our community, will not work. This lawful sale @TarantinoNFTs
will continue as planned, despite your efforts to sabotage
it.https://t.co/1Qjkgfy8U1 pic.twitter.com/jpjbYDNmNp — Guy Zy𝕊kind
(@GuyZys) January 10, 2022 The TarantinoNFTs account contributed to
the conversation by saying, “We will not be stopped. We will not
let bullies intimidate our community.” Related Reading | January
Proves Turbulent For Investors But NFT And GameFi Seems To Be
Eating Good Is that enough? Or are they making a big mistake? Is
Miramax in the right? Or do they know that they don’t have a leg to
stand on and thus turned to intimidation? Turn on to NewsBTC
next month for the next chapter of the Pulp Fiction NFTs’ exciting
saga. Featured Image: Tarantino NFT Collection promotional material
| Charts by TradingView
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