Quentin Tarantino has made his foray into the NFT space, announcing that he will be auctioning seven uncut scenes from the movie “Pulp Fiction” as non-fungible tokens. The NFT collection will also include the original handwritten scripts and exclusive audio commentary from the legendary Tarantino himself.
The collectibles will be auctioned through the NFT marketplace OpenSea.
Launching On The Secret Network
The uncut scenes will be auctioned as Secret NFTs, built on the secret Network. The secret Network is the first layer-1 blockchain that features privacy-by-default for applications. It is the first blockchain to utilize privacy-preserving smart contracts.
Since the NFTs are available only on the Secret Network blockchain, the content will be viewable only to individuals who own the blockchain.
The First Privacy-Preserving Blockchain
The Secret Network is the first blockchain that utilizes privacy-preserving smart contracts. This means that all data related to ownership and transactions are encrypted. NFTs built on other blockchains such as Ethereum have this data in the public domain. Data in the public domain can be seen as a positive and a negative.
On the one hand, transparency ensures that all transactions are verified. However, it also introduces a high level of trackability of all transactions, despite user attempts to hide their identity for crypto transactions.
A Limitation For Smart Contracts
The transparency aspect of blockchains has long been recognized as a limitation for smart contracts. This view has been backed by investors such as Katie Haun and Ali Yahya. In a post announcing their investment in data-privacy startup Aleo, they had written,
“These limitations exist because trust requires verification. Transactions on a blockchain need to be transparent so that everyone can verify that they are correct.”
There are also privacy coins such as Zcash and Monero that offer users more privacy than cryptocurrencies such as Bitcoin.
Supporting Public And Private Metadata
The Secret Network and the Network’s Secret NFTs support public and private metadata. The blockchain protocol believes that its programmable privacy is game-changing and has several use cases such as in private galleries, paywall content, ticketing services, and IDs.
Private NFTs work on the same premise as private coins, protecting the identities of the NFT artist and the NFT collector, should they choose to hide it. While transaction protection and optional identity protection bring blockchain technology closer to traditional finance, enhanced privacy could also attract regulatory heat.
The Pulp Fiction Secret NFTs
Quentin Tarantino’s NFTs protect both the unseen “Pulp Fiction” content and also the identity of the eventual owners of the NFTs. This is not the first time Hollywood has bet on NFTs, with David Lynch announcing an NFT collaboration with Interpol. MGM had also recently announced that it had partnered with VeVe to launch NFTs for the new Bond movie, “No Time to Die.”
Tarantino commented on the launch of the NFTs, stating,
“I’m excited to be presenting these exclusive scenes from ‘Pulp Fiction’ to fans. Secret Network and Secret NFTs provide a whole new world of connecting fans and artists, and I’m thrilled to be a part of that.”
Pulp Fiction was the director’s second feature and completely shook the film fraternity, winning the Palme D’Or at Cannes in 1994. The director and co-writer Roger Avary also won the Oscar for the best screenplay in 1995.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.