Oscar winner Quentin Tarantino is teaming with Israel’s SCRT Labs to publish auction off 7 uncut Pulp Fiction Scenes as Secret NFTs. The NFTs are built on Secret Network, the new platform developed by SCRT Labs, which is the first Layer 1 blockchain with privacy-by-default for applications.
The initial auctions will occur on OpenSea, the world’s largest NFT marketplace.
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So what is NFT and why should anyone buy one anyway?
Well here’s the deal. A Non-Fungible Token (NFT) is a kind of cryptocurrency like Bitcoin. Only in this case, it is a specific digital file whose unique identity and ownership are verified on a blockchain. NFTs can be bought with cryptocurrency and resold. NFTs have different values and so they are not interchangeable.
Confused? The keyword here is fungible. This means something that has a set value. So Bitcoin has a set value for each coin at whatever the going rate is. So all Bitcoins are equal in value at all times. But each NFT is unique. And the NFT itself is not used as a currency.
This is why billionaires like Mark Cuban and Marc Benioff are so interested in NFTs. In April, the two joined actor Ashton in a $9 million Series A round of funding in the NFT platform startup SuperRare. Founded in 2018, SuperRare says that it enables everyone with an internet connection to be an art collector. Authenticated by the Ethereum blockchain, SuperRare describes itself as a social marketplace for earning crypto and trading one-of-a-kind digital artworks from artists around the world.
So the, what is a secret NFT and how does it differ from a regular one?
Secret NFTs are a unique private-by-default non-fungible tokens issued on Secret Network – are reigniting conversations in the art community around public and private access to content. Until now, all NFTs rely on public-facing metadata. In other words, the images featured within the NFT wallet of collectors are visible to all, with no choice available to the creator or owner. Secret NFTs, however, contain both public and private metadata and so they allow owners the choice of whether to display it openly, or keep an NFT private.
And what is Quentin Tarantino releasing?
So is it the scene where Uma Thurman is broke back to life after overdosing on heroine by having a really big needle jammed through her heart? Or will it be the bit where John Travolta accidentally blows the kids head off in the back of his car when his 45 caliber gun goes off after the car hits a bump in the road? Well, neither?
Each NFT at auction contains “secret” content viewable only by the owner of the NFT, a groundbreaking and unique feature enabled by Secret NFTs. The secret content itself is one-of-a-kind, has never been seen or heard before, and will include: the uncut first handwritten scripts of “Pulp Fiction” and exclusive custom commentary from Tarantino, revealing secrets about the film and its creator. The public metadata of the NFT – the “front cover” of this exclusive content – is rare in its own right: a unique, never-before-seen, public-facing work of art.
In 2015, Enigma was founded at @MIT, beginning our long history of pioneering blockchain privacy.
Learn about our new evolution ????https://t.co/nH8q6aIxmj
— SCRT Labs (@scrt_labs) November 1, 2021
“I’m excited to be presenting these exclusive scenes from PULP FICTION to fans.” Tarantino says. “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.”
“NFTs could be THE most disruptive technology to come out of this decade,” said Guy Zyskind, Co-founder of Secret Network and CEO of SCRT Labs. “The art community is alive with innovation and the media is actively exploring all the potential use cases associated with the technology. Now, we have privacy and access controls courtesy of Secret Network. Ultimately, that will enable a whole litany of new potential use cases.”