Quentin Tarantino, a filmmaker, and Miramax, a movie studio reached an agreement over Tarantino’s NFTs on Secret Network. Both parties spoke of future collaboration and possible NFTs. SCRT Labs reported that Tarantino’s NFT 1 was sold in January for $1.1million.
The opposing sides to the case settled after a contentious court battle regarding the release NFT collectibles , based on Quentin Tarantino’s film “Pulp Fiction.” They also agreed to collaborate on future NFTs.
On Thursday, Miramax’s lawyers filed a short court statement in which they stated that they would withdraw their case against Tarantino. SCRT Labs is the principal contributor to Secret Network, representing the network’s founders.
Lawsuit has been settled and will be completed in two weeks
According to a report by Variety, the court filing stated that “the parties have settled this matter and expect to file their dismissal documents within two weeks.”
Today, a Miramax representative sent Decrypt the following joint statement to Tarantino: “The Parties have agreed to leave this matter behind and look forward to working together on future projects, including NFTs.”
SCRT Labs and Tarantino made headlines last November when they revealed plans for NFTs that were based on Tarantino’s original script for “Pulp fiction.” They would use Secret Network’s privacy sensitive Secret NFTs technology, to embed exclusive material from Tarantino’s script that only the NFT holder could see.
Miramax, the distributor of “Pulp Fiction”, filed a suit against Tarantino, the crypto startup and Tarantino. They claimed that they didn’t have the right to create NFTs and that the parties conspired with the studio to keep their plans secret.
Tarantino’s camp claimed Tarantino had “reserved right” to use the script in his original distribution agreement with Miramax. The creation of NFTs was an extension of those rights. An NFT is a token on blockchain that represents ownership of an item and is often used to digital goods such as artwork or collectibles.
Even through legal battles the NFT was auctioned
Despite legal complications, SCRT Labs was able to auction the first NFT in January. SCRT Labs reported that it had sold to the company for $1.1million. AnonsDAO, a Secret Network-based, decentralized autonomous organization ( DAO), purchased it. The company claimed that there were “200 confirmed offers”.
DAOs are an online collective where token ownership is the most common form of membership. DAOs are used to invest in NFTs and projects that govern protocols and other initiatives.
Despite the sale of the first NFT, the planned auctions for six more “Pulp Fiction”, NFTs were delayed due to what NFT platform LegenDAO cited as “extremely market volatility. The market has seen declining prices and trading activity since May’s crypto market crash.
It is unclear if the six additional NFT auctions will be rescheduled at present. Miramax representatives stated that they will not comment further on the matter. However, their joint statement suggested that there may be NFT collaboration.
Miramax previously stated that it also planned to make “Pulp Fiction”, NFTs. This led to the legal battle with Tarantino and SCRT Labs. The studio was not involved in the litigation.
Secret Network’s SCRT token has risen 13% in the past 24 hours to $1.22 per data from coinGecko. This may be due to the less severe legal threat facing the primary contributors of the network. The overall crypto market has increased by about 7% over the same period.