After a contentious legal battle over the release of NFT collectibles based on director and writer Quentin Tarantino’s ‘Pulp Fiction’ film, the opposing sides of the case have agreed to settle the case and potentially collaborate on a new set as well. other NFTs. Lawyers for the Miramax film studio filed a brief statement in court on Thursday, noting that they plan to drop their case against Tarantino and SCRT Labs, which launched the first of several planned “Pulp Fiction” NFTs on Secret Network in January. . SCRT Labs is the main contributor to Secret Network and represents the founders of the network.
“The parties have resolved this matter and expect to file their resignation papers within two weeks,” the court filing reads, according to a statement. report of Variety.
Tarantino and SCRT Labs made headlines last November when they announced plans to release NFTs based on the filmmaker’s original script for “Pulp Fiction.” The NFTs would use Secret Network’s privacy-focused Secret NFT technology to incorporate exclusive, never-before-seen material from Tarantino’s script that only the holder of the NFT could see.
Miramax, which distributed “Pulp Fiction” in 1994, soon filed a lawsuit against Tarantino and the cryptocurrency startup, claiming they had no right to create NFTs around the film and that the parties had conspired to keep their plans secret from the studio. Despite the legal dispute, SCRT Labs and Tarantino went ahead and auctioned the first NFT in January. SCRT Laboratories announcement which sold for $1.1 million. A decentralized autonomous organization (DAO) based on the secret network called AnonsDAO bought it, conducting about “200 confirmed deals”, the company said.
A DAO is an online collective in which membership is usually represented by the ownership of tokens. DAOs can be used to invest in NFTs or projects, govern Web3 protocols and other initiatives. Despite the seven-figure sale of the project’s first NFT, scheduled auctions for six additional “Pulp Fiction” NFTs were delayed due to what NFT platform LegenDAO called in late January “extreme market volatility.” The broader NFT market was relatively hot in January, but has seen prices and stocks trade since the cryptocurrency crash in May.
It is unclear whether the other six NFT auctions will be postponed at this time. A Miramax representative said the parties would not comment further on the matter, although their joint statement indicates a potential collaboration with NFT in the future. Miramax previously said it also plans to create “Pulp Fiction” NFTs, leading to the legal battle, as Tarantino and SCRT Labs move forward without the studio’s involvement. Secret Network’s SCRT token has risen 13% in the past 24 hours to a current price of $1.22, per CoinGecko data, possibly due to the waning legal threat against major contributors to the network. The broader cryptocurrency market grew around 7% over the period.
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Quentin Tarantino and Miramax settle NFT ‘Pulp Fiction’ lawsuit | PortalCrypto
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