American producer Miramax sued Hollywood director Quentin Tarantino in November last year post the base-layer blockchain provider Secret Network making announcement of the auction of uncut screenplay scenes from the 1994 film as non-fungible tokens (NFTs). The film studio made the claim of owning rights to the movie Pulp Fiction, except for the ones reserved for Tarantion excluding the NFTs, as stated by Cointelegraph.
According to Cointelegraph, the company aims to develop its NFT strategy for the time being. “This one-off effort devalues the NFT rights to “Pulp Fiction,” which Miramax intends to maximize through a strategic, comprehensive approach,” the studio’s attorney Bart Williams said in a statement.
On the basis of information by Cointelegraph, going by the auction’s press release, Secret Network made the claim that Tarantino has exclusive rights to ensure publishing of his Pulp Fiction’s screenplay, and the original, handwritten copy has been kept private for decades. In January, the auction raised a sum of $1.1 million, which was preceded by the cancellation of additional NFT sales on account of the dispute. It appears that Tarantino and Miramax have entered into a settlement around the lawsuit over Pulp Fiction-based NFTs following months of legal battle. Reportedly, the movie studio aims to make a withdrawal of its lawsuit in two weeks and collaborate with the filmmaker in upcoming times, including for NFT projects.
Moreover, Cointelegraph noted that Tarantino and Miramax have previously collaborated in productions for films such as Kill Bill: Volumes 1 and 2. Reportedly, Pulp Fiction grossed an amount of $107.93 million in the United States, and ended up earning $213 million worldwide in the years since its release in 1994.
Going by Cointelegraph’s website, founded in 2013, it is a digital media resource covering a range of news on blockchain technology, cryptocurrency assets, and emerging financial technology (fintech) trends.
(With insights from Cointelegraph)