A little less than a year after the start of the lawsuit between Quentin Tarantino and the production company Miramax, the two parties finally agreed. Deal Ends Their Showdown Over Movie-Inspired NFTs pulp Fiction. The outcome of a legal soap opera that will have shaken Hollywood and revived the debate about non-fungible tokens.
An amicable agreement reached
Quentin Tarantino, always curious to try out new digital technologies, opened hostilities at the end of 2021. His idea? Create your own collection of NFTs depicting scenes from your cult movie, pulp Fiction. But‘initiative had then aroused the anger of Miramax : the company holding the rights to the film had decided to file a lawsuit for intellectual property infringement. However, since the production contract dates back to the 90s, no mention was made of any commercial use of non-fungible tokens. And for good reason : no one could have anticipated the emergence of this technology at the time. A legal vagueness which had allowed the director to garner some sales of NFTs taken from his emblematic film, despite the protests of the rights holder.
Following lengthy talks between the two parties, an amicable agreement was finally found on September 8, 2022. Even better, the production company Miramax has suggests that it was in favor of pursuing a commercial activity around these famous NFTs: “The parties have agreed to put this matter behind them and look forward to collaborating with each other on other projects, including potential NFTs.” If no details on the agreement have leaked, it seems clear that Miramax wants to benefit from the profits generated by the sales already made. In the meantime, there is still no trace of the famous NFTs on marketplaces like Opensea or Rarible.
NFT legislation set to evolve
This trial will have been a missed opportunity to clarify the status of NFTs vis-à-vis works already produced in the past. The market for non-fungible tokens thus remains in relative regulatory opacity as far as the cinema industry is concerned. However, this case could well lead production companies to further integrate the issue of NFTs into their contracts. Especially since more and more artists are turning to this blockchain-based technology in order to take advantage of an additional financial windfall. This is the case of the Muse group which released its last album in NFT (legally this time). There is no doubt that digital certificates will grow in the future of the cultural industry, always in search of diversifying its sources of funding.
By signing an amicable agreement, the production company Miramax prefers to play the appeasement card against a determined Quentin Tarantino. This status quo therefore does not make it possible to establish case law for future legal disputes between creators and producers. This shows, however, that Hollywood is not insensitive to the potential of the blockchain to develop its commercial attractiveness.
Receive a digest of news in the world of cryptocurrencies by subscribing to our new service ofdaily and weekly so you don’t miss any of the essential Cointribune!
Fascinated by the history of Bitcoin and the cypherpunk movement, I think that citizens must reinvest in the field of money. My goal ? Democratize and make visible the potential of blockchain and cryptocurrencies.
We want to say thanks to the author of this short article for this incredible web content
NFT Pulp Fiction: The Tarantino and Miramax Trial Saga
Take a look at our social media accounts as well as other related pageshttps://metfabtech.com/related-pages/