Last year, after Academy Award winner Quentin Tarantino announced some Pulp Fiction NFTs based on his Oscar-winning original screenplay, his previous home Miramax had filed suit to stop it from happening. Although it never went to trial, a press battle broke out over the outcome, and currently the two have announced an agreement to drop it. Deadline brings word of the end series, announcing a joint statement from Miramax and Tarantino saying, “The parties have agreed to put this matter behind them and look forward to working together on upcoming projects, involving possible NFTs.”
The website promoting the Tarantino NFT series is now online, perhaps revealing that the filmmaker’s legal argument for making the NFTs was more than Miramax initially thought. As reported by the website, “Each NFT in the series includes the original script of an iconic scene, plus personalized audio commentary from Quentin Tarantino himself.” (Note: Cryptocurrencies and NFTs have earlier been linked to having a negative environmental impact, among other controversies.)
2021 saw a boom in interest of NFTs by celebrities and media companies, mainly as a potential monetization opportunity. By the time Tarantino revealed his project and Miramax filed suit, the frenzy was at its peak, but many NFTs were worthless after that. A report from the Wall Street Journal previously in the current summer stated that NFT sales had fallen to an average of 19,000 per week, down from more than 225,000 in September 2011. Active wallets across NFT marketplaces had also shrunk by 88%. Based on the outlet, “many NFT owners are finding their investments are worth mainly less than when they purchased them.”
Gizmodo elaborates on the subject of NFTs: Critics warn that without fundamental reforms to the way tokens are created and sold, it could finally help to deal with untold horrors on the biosphere and, by extension, humanity.