Source : coinspeaker.com
The legal team at Miramax has accused the Pulp Fiction film director of a “deliberate, pre-meditated, short-term money grab” attempt.
American entertainment company Miramax has decided to sue popular film director Quentin Tarantino over his plans to launch non-fungible tokens (NFTs) based on his popular 1994 film “Pulp Fiction”.
Earlier this month, Tarantino announced his partnership with blockchain firm Secret Network. The two together announced plans to release a line of seven NFTs for the uncut and unreleased scenes of Pulp Fiction.
Now those who buy the NFTs will also receive exclusive access to some bonuses. This includes the images of the handwritten first draft of the film’s screenplay as well as commentary from Tarantino.
However, the Twist is that Miramax which released the movie “Pulp Fiction” is planning to release its own set of NFTs. Thus, the firm also argues that Tarantino doesn’t hold the right to release the film’s NFTs. As a result, Miramax has sent a cease-and-desist letter to the film’s director.
Miramax’s Lawyers Quickly Swing Into Action
Lawyers representing Miramax, in this case, argue that director Quentin Tarantino doesn’t hold the right to sell the NFTs. They add that the entertainment company reserves all rights for Pulp Fiction along with “all media now or hereafter known”. Proskauer Rose LLP partner Bart Williams, who is representing Miramax said:
“Miramax will defend all of its rights in regard to its library, including rights relating to NFTs, and will not allow Quentin’s representatives to deceive others into believing they have the authority to make similar deals in violation of the rights agreements they signed”.
He further added:
“This group chose to recklessly, greedily, and intentionally disregard the agreement that Quentin signed instead of following the clear legal and ethical approach of simply communicating with Miramax about his proposed ideas. This one-off effort devalues the NFT rights to Pulp Fiction, which Miramax intends to maximize through a strategic, comprehensive approach.”
The lawyer has also accused Tarantino and his team of their “short-term money-grabbing” opportunity. The legal representatives from Tarantino’s team haven’t yet commented on the matter. The rise of non-fungible tokens has swayed big players across multiple industries. NFTs provide a unique way to monetize assets while maintaining their authenticity. It will be interesting to see where this case proceeds.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.