Quentin Tarantino and Miramax settle “Pulp Fiction” NFT lawsuit.

After a controversial legal battle over the release of NFT collectibles based on the film “Pulp Fiction” by director and writer Quentin Tarantino, the opposing sides of the case have decided to solve the case and potentially collaborate on a new set as well. On Thursday, lawyers from Miramax film studio filed a brief statement in court, noting that they plan to dismiss their case against Tarantino and SCRT Labs, which in January launched the first of several planned “Pulp Fiction” NFTs on the Secret Network. . . SCRT Labs is the main contributor to Secret Network and represents the founders of the network.

“The parties have resolved the matter and expect to submit resignation documents within two weeks,” the court filing said, according to a statement. Variety report.

Tarantino and SCRT Labs made headlines last November when they announced plans to release NFTs based on the director’s original script for “Pulp Fiction.” NFTs would use Secret Network’s privacy-focused Secret NFT technology to incorporate exclusive and never-before-seen material from Tarantino’s script that only the NFT holder could see.

Miramax, who released “Pulp Fiction” in 1994, immediately filed a lawsuit against Tarantino and the cryptocurrency startup, arguing that they did not have the right to create NFTs around the film and that the parties had conspired to keep their plans secret. study. Despite the legal controversy, SCRT Labs and Tarantino went ahead and auctioned the first NFT in January. SCRT Laboratories announced that it was 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 where membership is usually represented by 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 other “Pulp Fiction” NFTs have been delayed due to what NFT platform LegenDAO called “extreme market volatility” in late January. The broader NFT market was relatively hot in January, but has seen price and stock trading since the cryptocurrency’s crash in May.

It is unclear whether the other six NFT auctions will be postponed at this time. A representative from Miramax said the parties will not comment further on the matter, although their joint statement indicates potential collaboration with NFT in the future. Miramax previously said it also plans to create NFT “Pulp Fiction”, 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, according to data from CoinGecko, likely due to the declining legal threat against the network’s major contributors. The broader cryptocurrency market grew about 7% over the period.

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