Miramax sues Quentin Tarantino over his planned sale of ‘Pulp Fiction’ NFTs | Currency News | Financial and business news

pulp fiction
Pulp Fiction.

  • Miramax is suing Quentin Tarantino for his plans to sell “Pulp Fiction” NFTs.
  • Miramax, which produced the film, said Tarantino has limited rights to the film.
  • Tarantino announced plans on Nov. 2 to sell seven secret NFTs of never-before-seen clips from the film.

Miramax is suing Quentin Tarantino for his recently announced plans to sell seven NFTs of the highly acclaimed film “Pulp Fiction.”

According to a lawsuit filed in the U.S. District Court in Central California, Miramax, who produced the 1994 film, is suing Tarantino for breach of contract and copyright infringement. The Wall Street Journal was the first to report the news.

Tarantino, who directed the film, was “eager to monetize the non-fungible token boom,” Miramax said at the trial. In a statement on November 2, Tarantino said he would auction off seven so-called “secret” NFTs of unprecedented clips on the OpenSea market.

In response, Miramax sent a termination-and-waiver letter to the acclaimed film director, saying it reserved almost all of the rights to the move, the lawsuit said. In response, Tarantino said his reserved rights were sufficient to allow him to produce the digital assets, according to the case.

“The fact that Tarantino kept Miramax out of the loop is particularly problematic because he granted and granted almost all of his rights to Pulp Fiction (and all its elements at all stages of development and production) to Miramax in 1993, including the necessary rights to “the secrets of Pulp Fiction,” which he intends to sell, “the lawsuit states.

Insider could not immediately reach Tarantino for comment. Variety reported that his representative declined to comment on the deal.

The market for NFTs, digital art linked to blockchain, has exploded this year with nearly $ 11 billion in sales in the third quarter alone.

Celebrities, athletes and artists have joined the craze, creating and embossing their own NFTs to sell in marketplaces like OpenSea in exchange for cryptocurrency.

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