SCRT Labs has announced the official dates for the auction of their Tarantino NFTs. Notably, the sale is moving forward despite a lawsuit from Miramax aiming to stop it. Registration for the auction opens on January 10th, with the sales taking place between January 17th and 31st.
Background On Miramax Lawsuit Over Tarantino NFTs
The story began back in early November when SCRT Labs made the big announcement that they would be auctioning NFTs from the renowned director, Quentin Tarantino. Given the popularity of Tarantino, and of “Pulp Fiction”, the screenplay from which the NFTs come, this was huge news for the NFT space.
However, things took a turn just two weeks later when Miramax filed suit against Tarantino. To explain, Miramax is the film production company that produced “Pulp Fiction”. Its view is that they own the rights to the film and that Tarantino can not sell the NFTs.
On the other hand, Tarantino’s team has maintained that he retains the exclusive rights to publish the Pulp Fiction screenplay.
SCRT Labs Agrees That Tarantino Owns “Pulp Fiction” Rights
To be sure, that the NFT auction is going ahead goes to show where SCRT Labs stands. Indeed, SCRT Labs CEO, Guy Zyskind said as much during an interview with NFT Evening.
“Quentin and his team were confident then, and are confident to this day, that they have the full rights. We as a team at SCRT Labs believe what Quentin and his team are saying.” By the same token, Tarantino’s lawyers called the lawsuit over the NFT auction “offensively meritless”. The lawyers’ response also requested that the suit be thrown out.
We also asked Zyskind about the relevance of the lawsuit to the NFT space as a whole. He noted that this represented a chance to support artists*.
“I personally think this is absolutely a landmark case that is important for the entire NFT ecosystem. It’s important that we as SCRT Labs, and everyone in the NFT community, show support in favor of the artists. Artists should not be afraid to use NFTs and the blockchain as a new medium, and should not be afraid to express themselves.”
*Zyskind noted that his opinion on the case was on behalf of himself and SCRT Labs only. He was not speaking on behalf of Quentin Tarantino.
Tarantino NFT Collection Is Major Showcase For Secret Network
To sum up, the NFTs on auction are based on Tarantino’s original handwritten screenplay for his hit film “Pulp Fiction”. Indeed, each of the seven NFTs in the collection consists of a single iconic scene. What’s more, each NFT includes personalized audio commentary by Tarantino himself.
Altogether, the Tarantino NFT auction is a showcase for the technology that SCRT Labs provides. To explain, the NFTs will live on Secret Network. This is SCRT Labs’ blockchain that sets privacy as a default for their smart contracts.
This means that the winners of the Tarantino NFT auction will have a choice. They get to decide whether or not to make the contents of the NFTs public. Given that the handwritten screenplay has never been viewed by anyone but the director, this potentially adds a lot of value to the NFTs for the owners.
All in all, this isn’t the first legal challenge involving NFTs and major artists, and it likely won’t be the last. At any rate, SCRT is confidently moving ahead with its auction plans.
Anyone interested in joining the auction for the Tarantino NFTs can register on the website from January 10th.
All investment/financial opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, make your own research prior to making any kind of investment.
