Quentin Tarantino announces the release of seven uncut scenes from the movie "Pulp Fiction" as NFTs

On Tuesday, the award-winning director and writer announced the auction of seven uncut scenes from the film "Pulp Fiction" as an NFT, which also includes the film's original handwritten script and Tarantino's exclusive audio commentary. These collectibles will be auctioned on OpenSea, an NFT marketplace.

These NFTs are built on Secret Network, a blockchain ecosystem that prioritizes privacy. For the sole Pulp Fiction NFT, and all other NFTs auctioned on the platform, the content will only be visible to the owners of those NFTs.

Secret Network claims to be the first blockchain to have privacy-preserving smart contracts, meaning transaction and ownership data are encrypted. Traditionally, with NFTs built on other blockchains like Ethereum, transaction and ownership data is public by default. It’s a double-edged sword: Blockchain’s transparency allows transactions to be verified, but it also creates a degree of traceability for every transaction, despite the popularity of online anonymity and avatars in the crypto space.

a16z investors Katie Haun and Ali Yahya believe that blockchain transparency is a major limitation of smart contracts. In an article earlier this year, they detailed their new investment in data privacy startup Aleo, writing: “These limitations exist because trust needs to be verified. Transactions on the blockchain need to be transparent so that everyone can verify that they are correct.” Aleo’s zero-knowledge proof encryption technology seeks to remove this limitation, and Galaxy Digital and Coinbase Ventures have also invested in it, as well as a16z, the venture capital giant founded by Marc Andreessen and Ben Horowitz. round of financing.

Privacy coins are a bit more mature, with assets like Monero, Zcash, Verge, and others offering users a level of privacy that assets like Bitcoin, built on blockchains that publicly record transactions, do not.

The Secret Network and its Secret NFT support both private and public metadata — a programmable privacy experience that the company calls a game-changer in a variety of use cases, including private galleries, adult content, exclusive or premium Wall media content, ticketing, ID cards and passports.

Just as privacy coins protect the identities of users, so too will privacy NFTs protect the identities of artists and collectors, should they choose to do so. While options for identity concealment and transaction protection bring blockchain technology closer to cash and traditional finance, enhanced anonymity could intensify pressure from regulators in an already opaque space. In fact, the privacy coin Monero caught the attention of the IRS in 2020, when the government agency offered a $625,000 bounty to contractors who help track its transactions.

Not only does Tarantino's Secret NFT secure Pulp Fiction content he's never seen before, it also protects the identity of the ultimate owner. This is Hollywood's latest bet on NFT after the famous director David Lynch (David Lynch) reached an NFT cooperation with the American post-punk Interpol band Interpol last month. MGM recently partnered with VeVe to release an NFT for No Time to Die, making it the first James Bond film to have a digital collectible.

Speaking at the launch, Tarantino said: "I'm excited to bring these exclusive scenes from Pulp Fiction to fans. Secret Network and Secret NFT offer a whole new world of connecting fans and artists, and I'm excited to be a part of it .”

Tarantino is scheduled to appear on a panel Tuesday afternoon at the NFT New York conference, along with crypto investor and Galaxy Digital founder and CEO Mike Novogratz, to comment on the Pulp Fiction non-fungible token.

Pulp Fiction is Tarantino's second film. The movie rocked the movie world and made the then-niche studio Miramax a fortune. The company was co-founded by brothers Bob and Harvey Weinstein. "Pulp Fiction" won the Palme d'Or, the highest award at the 1994 Cannes International Film Festival. In 1995, Tarantino and his co-writer, Canadian filmmaker Roger Avary, won an Academy Award for Best Screenplay. The movie also made Samuel L. Jackson a superstar and revived John Travolta's career.

Source: CNBC (by Cameron Costa)

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