Miramax is suing Quentin Tarantino over NFT’s “Pulp Fiction”.  Tarantino goes forward

Miramax is suing Quentin Tarantino over NFT’s “Pulp Fiction”. Tarantino goes forward

This is going to be interesting. Miramax has sent a letter of termination and resignation to Quentin Tarantino and his team regarding the NFT’s “Pulp Fiction” they want to sell. Tarantino replied that he had a right to do so and continued to promote them. Miramax sued. Just a month ago, the company was I wish Tarantino a happy birthday, and here we are. And the show is just beginning.

Related Reading | Bleeple’s “Human One”, sculpture + NFT hybrid, sold for $ 28.9 million at Christie’s

On the one hand, Miramax was the production house of Pulp Fiction and still holds the rights to the 1994 masterpiece. Tarantino, on the other hand, retained the right to publish the scripts, and the NFTs are based on that historical artifact. However, Miramax argues that since NFT exchanges hands on a single sale, it doesn’t count as a disclosure. And that’s just the tip of the iceberg.

Let’s investigate the case further.

Unique characteristics of Tarantino’s NFT “Pulp Fiction”.

When The Secret Network announced that Quentin Tarantino was the first artist they worked with, our sister site The Bitcoinist reacted. They reported quickly about the “unique value offer” of the company in general, and especially about “Pulp Fiction” NFT.

“Tarantino’s NFT release will be the first of its kind for a blockchain. Seven unique NFTs will hit the market, with original ‘Pulp Fiction’ handwritten scripts and exclusive audio commentaries by Tarantino himself.

The secret network is a block of privacy of the first layer created by SCRT Labs. The unique value of the Secret Network proposal lies in the name; NFTs will be “secret” and only available to NFT owners. “

It is this fact that makes the lawsuit infinitely interesting. Only a person who buys NFT can see what’s inside, so Miramax has no idea what kind of content they’re suing for. They only know they own the rights to the image and discarded material, but other than the report and marketing material, they are in the dark like us left around the actual content.

On the day of publication, Secret Network rissued a statement it quotes the director himself.

“I’m excited to present 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 it.”

Tarantino’s words point to simpler times. We are no longer even close to that stage.

SCRT price chart on Binance | Source: SCRT/USD on TradingView.com

What does Miramax’s lawsuit say?

The 60-page suit is already available online. This excerpt summarizes Miramax’s position:

The fact that Tarantino kept Miramax aside is particularly problematic because in 1993 he granted and ceded almost all of his rights to Pulp Fiction (and all of its elements at all stages of development and production) to Miramax, including the rights necessary for “secrets from fiction.” which it intends to sell. Tarantino’s limited “Reserved Rights” under operating agreements are too narrow for him to unilaterally produce, market and sell Pulp Fiction NFT.

Furthermore, Bart Williams, a lawyer for Miramax, was much sharper in a recent statement quotes Variety:

“This group has chosen to recklessly, greedily and intentionally ignore the agreement Quentin signed instead of following a clear legal and ethical approach of simply communicating with Miramax about his proposed ideas,” Williams said. “This one-off attempt devalues ​​NFT’s rights to ‘Pulp Fiction,’ which Miramax intends to maximize through a strategic, comprehensive approach.”

When does Williams mean when he says “this group”? Probably the Secret Network, which responded via Twitter. “NFTs aim to empower creators by connecting them directly with their audiences and communities,” they said. “Now some in the media world want to take a big step backwards. We stand by the creators. ”

Related Reading | Christie’s will sell original art from the Gary Vee’s Veefriends NFT collection

That’s cute, but, do Secret Network and Tarantino have a legal right to sell that “Pulp Fiction” NFT? We would have to see the content to determine that. Which we can’t. And Miramax doesn’t work either.

To end this, here is a video of Tarantino learning about NFT for the first time:

Featured Image: Screenshot from this tweet's video | Charts by TradingView



Source link

Leave a Reply