Major players in traditional entertainment are engaging with NFTs. This week, famed director and writer Quentin Tarantino joins the ranks with an announcement of exclusive ‘Pulp Fiction’ NFTs.
The NFTs are expected to be composed of never-before-seen footage from the hit film, released on The Secret Network blockchain. However, unlike most NFTs that have hit the market thus far, this release comes with a catch: the NFTs won’t be publicly viewable given the nature of the blockchain. Let’s dive in to what we know thus far:
A ‘Tarantino Twist’ & The Secret Network
According to today’s announcement on The Secret Network’s webpage, Tarantino’s NFT release will be the first of it’s kind for the blockchain. Seven unique NFTs will come to market, featuring original ‘Pulp Fiction’ handwritten scripts and exclusive audio commentary from Tarantino himself.
The Secret Network is a Layer 1 privacy blockchain created by SCRT Labs. The unique value proposition from The Secret Network lies in the name; the NFTs will be “secret” and only accessible by the NFTs owner. This is a particularly interesting proposition in the world of NFTs, where many community members tout their purchases as social media profile pics. However, Tarantino’s impact on film and culture will likely draw cinephile NFT collectors that can set that aside and embrace the private aspect of the tokens. Additionally, even the public-facing metadata that will serve as the “front cover” of the NFTs consist of exclusive, never-before-seen content, according to the release.
The NFTs are set to release later this month, with a current open waiting list to sign up. Initial auctions are set to take place on OpenSea.
The Secret Network's native token, $SCRT, has been booming in the past month after a tepid few months prior. | Source: SCRT-USD on TradingView.com
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Impact Of NFTs In Film
A lot has been speculated around the potential impact of NFTs on creative outlets like music, but film and TV are rarely mentioned in the space. However, Tarantino’s collaboration could spur further efforts in the space. ‘Pulp Fiction’ is a cinematic classic, taking home seven Academy Award nominations, including Best Picture (among other decorated awards). Tarantino is a slated speaker during this week’s NFT.NYC gathering, alongside Galaxy Digital CEO Mike Novogratz.
The partnership is a noteworthy first of it’s kind for The Secret Network; the platform aims to bring NFTs to market that empower the creator to choose what metadata is public-facing – and what data isn’t. This has been pretty much unmatched in the media NFT space, with recent deals – such as VeVe’s expanded partnership with Disney – existing on public-facing or more centralized blockchains.
The team at Secret Network notes some interesting potential use cases here in media, such as sealed bid auctions – however it remains to be seen the full potential of these sorts of chains as the space grows.
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Featured image from The Secret Network, Charts from TradingView.com
