Tarantino NFT Auction Hits Pause Due to Market Volatility

At the start of the year, news hit the wires confirming that Quentin Tarantino’s Pulp Fiction NFT auction will go ahead. The highly anticipated auction was set to run from 17th January to 31st January.

Named “TARANTINO NFTs”, the auction includes the sale of 7 NFTs that are uncut scenes only available to the buyers. The auction is being held on the Secret Network (SCRT) blockchain. The Tarantino NFT collection is based on the Ethereum (ETH) blockchain.

Royale with Cheese Goes for $1.1m

Last Monday, the first of the 7 TARANTINO NFTs sold for $1.1m. News hit the wires of the sale amidst a choppy time for the broader crypto market. The sale coincided with Bitcoin’s (BTC) tumble to sub-$33,000 levels and an Ethereum (ETH) slide to a January low $2,159.

Heightened regulatory scrutiny and market sensitivity towards FED monetary policy have fueled the sharp pickup in crypto market volatility at the turn of the year.

For Tarantino and the Secret Network, the sharp increase in regulatory scrutiny may raise other concerns. Late last year, Miramax had filed a lawsuit against Tarantino for breach of contract, copyright infringement, trademark infringement, and unfair competition. The lawsuit had raised doubts over whether this month’s auction could proceed.

Crypto Market Volatility Hits Tarantino NFT Sale

For Tarantino and Pulp Fiction fans looking to get their hands on one of the remaining 6 NFTs up for sale, there will be disappointment.

On Saturday, the Tarantino NFTs auction was suspended. Announcing the suspension on Twitter, the team stated “In light of extreme market volatility, we’ve decided to postpone the remainder of the auction to put the needs of our community first”.

Following the Royale with Cheese sale, Pumpkin and Honey Bunny was the 2nd in the series of 7 to go on sale.

The other 5 NFTs are “Foot Massage”, “Check Out the Big Brain on Brett”, Captain Koons Monologue – The Gold Watch”, “Bring out the Gimp”, and “Last Scene: Coffee Shop – Ezekiel 25:17”.

At the time of writing, there was no news on when the auction will resume.

Secret Price Action

At the time of writing, Secret was down by 1.34% to $5.54. A move back through last Wednesday’s high $6.75 would bring the current month high $10.06 into play. Resistance at $10.00, however will likely peg Secret back from its November ATH $10.9994.

Look at the EMAs, a breakout from the $6.23 50-day EMA would bring January’s high $10.06 into play. A move back through to $10.00 levels would then give Secret a run at November’s ATH $10.9994.

SCRTUSD 300122

Blockbuster Preparing to Enter Crypto and NFTs

In the 1990s, Blockbuster, more formerly known as Blockbuster LLC, was a global brand-name. The brand had more than 9,000 stores worldwide and peaked in 2004 before online video streaming services hit the home entertainment market.

The Great Recession of 2008 and video-on-demand streaming services brought the Blockbuster journey to an end. In 2010, the Blockbuster filed for bankruptcy protection and was subsequently purchased by Dish Network. Just 1,700 stores remained at the time of the acquisition. At the time of writing, however, just one franchised store remains, located in Bend, Oregon, U.S.A.

Blockbuster Plans a Digital Revival

This week, news hit the wires of Blockbuster filing a trademark application with the U.S Patent and Trademark Office. According to the trademark filing, Blockbuster plans to issue a digital token in addition to an NFT market place and Metaverse environment.

A move into NFT space and Metaverse could be a headache for companies such as Netflix Inc (NFLX).

Trademark attorney and founder of Gerben Law Firm Josh Gerben tweeted the news, with the headline “Don’t call it a comeback…

BlockbusterDAO and a Film Industry Revolution

Late last year, we had reported of BlockbusterDAO looking to raise funds to acquire Blockbuster from Dish Network for a sum of $5m. Blockbuster DAO’s goal is to revolutionize the film industry by creating “the first ever DeFilm (decentralized) streaming platform and a main stay of both Web3 brands and products”.

BlockbusterDAO’s vision is likely to be the future of film. Networks would have a say on the final version of scripts and voters could influence casting, film locations, and more. Making all the decisions on blockchain not only brings inclusion, but also transparency and quite possibly a film industry revolution. Such a proposition would test the resolve of studios such as Miramax, Metro-Goldwyn-Mayer, and Warner Brothers.

While there has been plenty of chatter on the BlockbusterDAO Twitter account, there have been no news updates on the acquisition. Just a single tweet last week that a line of communication between Dish Network and BlockbusterDAO has opened.

The latest trademark filing suggests progress on Blockbuster’s revival. It does remain to be seen, however, whether BlockbusterDAO has any involvement or is directly behind the trademark filing.

The Film Industry, NFTs and the Metaverse

BlockbusterDAO’s plans and Blockbuster’s trademark filing come amidst a flurry of activity in the NFT space and the Metaverse.

Since the 17th January, Quentin Tarantino and Secret (SCRT) have partnered to auction a 7 NFT Pulp Fiction set called “Tarantino NFTs”. The first of the 7 NFTs sold for $1.1m at the start of the week.

We also reported mid-month of film makers moving to finance movies with NFTs. Following in the footprints of Blockbusters and Tarantino, new platform FF3 launched this month. FF3 looks to enable the film industry to fund production costs through NFT sales. The platform also plans to share film revenues with investors in addition to allowing investors to collect and sell NFTs.

FF3, Blockbusters, and the likes of Quentin Tarantino will be watched closely by Hollywood’s big-name studios and regulators.

For cryptos, the NFT market place, and the Metaverse, the opportunities are endless.

Tarantino’s First Pulp Fiction NFT Fetches $1.1m at Auction

Earlier this month, the highly anticipated auction of Quentin Tarantino’s Pulp Fiction NFT collection got under way. The auction is running from 17th January to 31st January.

The 7 NFTs include never-seen-before footage, otherwise known as uncut scenes, only available to the buyers. Called “TARANTINO NFTs”, the auction is held on the Secret Network (SCRT) blockchain.

The Tarantino NFTs collection are based on Ethereum (ETH) blockchain. Users must, therefore, have ETH or ETC-20 compatible stablecoins to successfully purchase one, some, or all of the NFTs.

Late last year, Miramax had filed a lawsuit against Tarantino for breach of contract, copyright infringement, trademark infringement, and unfair competition. The lawsuit had raised doubts over whether this month’s auction could proceed.

Earlier this month, however, news hit the wires of Tarantino and Secret going ahead with the auction.

First of Seven Fetches $1.1m

Despite the Miramax studio lawsuit, the first of the seven Pulp Fiction NFTs up for auction sold for $1.1m this week. There were reportedly 200 confirmed bids.

Secret announced on Twitter “And the winner of the ORIGINAL ‘ROYALE WITH CHEESE’ SCREENPLAY NFT IS @AnonsNFT, who bid $1.1m!”.

Secret also announced that the 2nd NFT auction for ‘Pumpkin and Honey Bunny’ is now live @ tarantinonfts.com”. At the time of writing, just 3 hours were left for Pulp Fiction fans to enter their bids for the 2nd NFT of the set.

The other 5 NFTs are called “Foot Massage”, “Check Out the Big Brain on Brett”, Captain Koons Monologue – The Gold Watch”, “Bring out the Gimp”, and “Last Scene: Coffee Shop – Ezekiel 25:17”.

Secret Price Action

Bouncing back from a 4.03% fall on Monday and a new January low $4.5445, Secret rallied by 13.87% on Tuesday, to end the day at $6.2408.

Near-term, a breakout from the 50-day EMA at $6.38 levels would bring January’s high $10.0617 into play. A move back through to $10.00 levels would then give Secret a run at November’s ATH $10.9994

At the time of writing, Secret was up by 0.26% to $6.2573.

SCRTUSD 260122

Rock Band Nirvana NFTs Go to Auction on Kurt Cobain’s Birthday

Nirvana was an American rock band formed back in 1987. Following lead singer Kurt Cobain’s suicide in 1994, however, Nirvana disbanded. In spite of this there remains a huge following for a band that had been named one of the 100 greatest artists of all time by Rolling Stone.

NFTs and the Music Industry

The NFT market continues to have a stellar start to the year. A marked increase in interest comes amidst an extended sell-off across the crypto market.

Leading NFT marketplace OpenSea has seen NFT sales hit record highs in January. According to Dune Analytics, OpenSea has seen January Ethereum (ETH) trading volume hit $4.56bn with more than a week to go before the end of the month. The surge in activity this month has surpassed August’s previous ATH of $3.43bn and follows a December rebound from a November dip to $2.37bn.

While Bored Ape Yacht Club and Mutant Ape Yacht Club sit at the top of the OpenSea rankings, based on last 30-day trading volumes, sports, music, and film have also seen strong demand.

This month, Tarantino and Secret (SCRT) launched the sale of 7 Pulp Fiction NFTs titled “Secret NFTs”. On the sports stage, U.S sports franchises the NBA and the NFL have seen a surge in trading activity. From the music industry, NFTs are nothing new. Warner Music had entered the NFT space early last year.

With the surge in NFT interest and activity, film makers and music icons are joining the NFT revolution.

Iconic Rock Band Nirvana to Auction NFTs

This week, news hit the wires of Pop Legendz auctioning images and artworks of American rock band Nirvana. Fans and NFT collectors can view the NFTs on Rarible (RARI). The auction is scheduled to start on Kurt Cobain’s birthday, 20th February. NFTs on offer include images, image edits, and GIFs of the band back in 1991.

Minimum bids for images and colored images are 1 ETH and 67 ETH for GIFs. With Ethereum having tumbled to sub-$3,000 levels in the latest crypto market crash, demand for the NFTs are likely to be even higher than previously anticipated.

At the time of writing, RARI was up by 3.56% to $9.336. Near-term, a move back through to $10.00 levels would bring January’s current month high $23.08 into play. A breakout from $25 levels would then give RARI a run at its August high $37.33. RARI struck an ATH $41.68 in April 2021.

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SCRT Down by 21% as Crypto Market Loses $100 Billion in 24 Hours

The total cryptocurrency market cap has dropped to the $1.8 trillion level as Bitcoin and other cryptos sustain further losses.

Secret Network Raises $400 Million in Ecosystem Funding

The Secret Network announced earlier this week that it had raised $400 million in ecosystem funding. The funding round was led by HashKey, DeFinance Capital, CoinFund, and Alameda Research.

The team will use the funds to boost the decentralized finance (DeFi) and nonfungible token (NFT) ecosystems on its platform.

However, despite this latest development, SCRT, the native token of the Secret Network, has lost more than 20% of its value in the last 24 hours. At press time, SCRT is trading at $7.20 per token.

The massive decline comes as the broader cryptocurrency continues its recent bearish performance. The broader cryptocurrency market has lost more than $100 billion in the last 24 hours, with the total market cap now below $1.9 trillion.

Bitcoin has dropped below the $40k mark again after losing 7% of its value over the past day. Ether is also trading below $3,000 as the selling pressure on the leading cryptocurrencies continues.

The Secret Network will soon host the launch of Quentin Tarantino’s NFT collection. However, this event wasn’t enough to stop SCRT from recording massive losses.

SCRT has been underperforming over the past two weeks. Last week, SCRT dipped despite concluding the pilot of its Duplex Finance project.

SCRT Could Drop Below $6 if Bearish Trend Continues

The SCRT/USD chart is still bullish, thanks to SCRT’s strong performance since the start of the year. However, the technical indicators show that SCRT is underperforming at the moment and could drop further if the current market conditions persist.

SCRT’s MACD line is still above the neutral zone. Source: FXEMPIRE

SCRT is trading above its 50-day moving average price of $5.78. The MACD line is still in the positive region but could drop below the neutral zone if the bearish trend continues. The RSI has been declining and risks entering the oversold territory unless the bulls regain control of the market.

Secret (SCRT) Draws in Big Investors, Raising $400m to Support Big Goals

While it’s been a bearish start to the year for Bitcoin (BTC) and the broader market, Secret (SCRT) has been on the move.

Having fallen back from a November high $11.08 to sub-$4.00 levels late last year, Secret has found strong support.

For the current month, Secret was up by 78% to a Wednesday closing $9.06. Earlier in the month, Secret had struck a new ATH $11.25 before easing back.

Tarantino’s Pulp Fiction NFTs and Privacy Key Drivers

At the turn of the year, there’s been no shortage of favorable news to support Secret’s current breakout.

Early this year, news hit the wires of Pulp Fiction’s Tarantino going ahead with the sale of 7 Pulp Fiction NFTs. The sale of the 7 NFTs, called “Secret NFTs” started on Monday and ends on 31st January.

The Secret’s NFT launch will have two components. Uncut scenes from the movie and secret content, only accessible by the buyer. A key attribute of the Secret (SCRT) is that users can build and use applications “that are both permissionless and privacy-preserving”. Secret (SCRT) therefore protects users and also secures applications. The goal is to allow users to control how their data is used and viewed.

With regulatory scrutiny also on the rise, Secret’s platform attributes are likely to provide strong demand in the year ahead.

Such has been investor interest that SCRT is currently ranked #79 on CoinMarketCap, with a market cap of $1,352m and a Total Value Locked (TVL) of $65.95m. Secret had only just entered the top 100 at the start of the year.

Secret Network Announces $400m in Ecosystem Funding

With SCRT having hit an ATH this month and bucking the trend across the broader crypto market, Secret Network delivered more good news this week.

Overnight, Secret Network announced $400m in ecosystem funding, with some big names loosening their purse strings. Marquee investors included HashKey, DeFinance Capital, CoinFund, and Alameda Research among others.

As part of the announcement, Secret revealed “a new $225m ecosystem fund targeted at expanding Secret Network’s application layer (NFTs and DeFi), network infrastructure, and tooling”. In addition, Secret announced a $175m accelerator pool. Funded in SCRT, the pool is there to “provide non-dilutive capital, grants, and ecosystem incentives to rapidly expand user adoption”.

Secret’s targets for the first half of this year include launching hundreds of new apps as well as the on-boarding hundreds of thousands of new users.

Secret (SCRT) Price Action

At the time of writing, down by 0.63% to $9.003. A move back through to $10.00 levels would give SCRT a run at 14th January’s $11.25 ATH. With the broader crypto market under pressure, we can expect plenty of resistance at $10.00, however. The day’s first major resistance level sits at $9.85.

A fall back to sub-$9.00 levels would bring this week’s low $8.37 into play before any recovery. The day’s first major support level sits at $8.32.

OpenSea NFT Competitor LooksRare (LOOKS) Jumps 13% as NFT Trading Volumes Surge

The NFT market has been heating up at the turn of the year, with NFT chatter and trading volumes ballooning. While regulatory and monetary policy chatter have pegged back Bitcoin (BTC) and the broader crypto market, the NFT market has had an exceptional start to the year.

NFT Market Place Landscape

At present, OpenSea remains the front runner in the NFT market place. News had hit the wires earlier this week of the NFT market place seeing $2.1bn in NFT sales within the first 10-days of the year. In 2020, NFT trading volume had reportedly been just $21.7m. Forecasts are for OpenSea’s transaction volumes to reach $6bn for January versus $14bn for 2021.

The release of the impressive numbers coincided with news of LooksRare launching this year. LooksRare (LOOKS) has seen NFT trading volumes rocket since its 10th January launch. An attractive rewards program for NFT buyers and sellers and creators have likely contributed to the level of interest. NFT buyers and sellers are rewarded LOOKS tokens, with creators receiving LOOKS royalty payments. For LOOKS token holders, stakers can even earn up to 860.76% APR.

With Quentin Tarantino and Secret (SCRT) putting the spotlight on the NFT market this week, interest is unlikely to dim anytime soon. News of a Pulp Fiction NFT collection sale, titled “Secret NFTs”, has drawn plenty of interest.

On the LooksRare NFT market place, Immortal Phoenix (30,400%) sits at the top of the table based on 24 trading volume. At #2 is Art Blocks (14,322%), with Rebel Rabbits (9,900%) at #3.

By total trading volume, however, Meebits continues to sit at the top of the rankings, in spite the 24-hour trading volume being in the red (1.03%).

With the NFT market abuzz, with film and sports news hitting the wires, there has also been some chatter of wash trading. Wash trading is a form of market manipulation. An investor would place a buy or sell order and then a sell or buy order in or to inflate trading volumes. In the case of LooksRare, wash trading would also reward the market manipulator with LOOKS tokens. As a new platform, however, it will be up to LooksRare to prove itself. The crypto market has bought into the early success story, reflected in recent LOOKS price action.

LOOKS Price Action

On Saturday, LOOKS surged by 13.08% against USDT, after having tumbled by 21.6% on Friday. Since launch, however, LOOKS is up 279% to Saturday’s closing 3.7915 USDT. On Thursday, LOOKS at struck an ATH 5.1000 USDT.

Looking ahead, a move back through this morning’s high 4.0784 USDT would bring 5 USDT levels back into play.

We can expect plenty of resistance at 4.5 USDT levels, however. A fall back through to sub-3.50 USDT levels would bring yesterday’s low 3.2620 USDT into play. Barring negative news hitting the wires, LOOKS should steer well clear of sub-3.00 USDT levels.

At the time of writing, LOOKS was up by 0.03% to 3.7926 USDT.

LOOKSUSDT 1601

Secret (SCRT) Jumps 16% on Friday, as Film NFT Chatter Builds ahead of Tarantino NFT Sale

It was a bullish Friday session for the crypto market on Friday. Litecoin (LTC) ended the day up by 5.86%, with Bitcoin (BTC) and Ethereum (ETH) seeing gains of 1.19% and 2.12% respectively.

While there has been plenty of news relating to interconnectedness between the crypto and U.S equity markets, the crypto market also has its own key drivers.

Amongst these are regulatory activity, adoption, and exchange listings.

On Friday, Secret (SCRT) surged by 16.3% to end the day at $8.63. It could have been an even more impressive session, with SCRT striking a new ATH $11.25 on the day.

Just last week, we looked at SCRT price action and highlighted that a breakout from $7 levels would bring October’s previous ATH $11.08 into play. It’s been an impressive start to the year for SCRT, which is continuing its run off last year’s 733% gain. At the start of the year, we had also reported SCRT’s move into CoinMarketCap’s top 100 by market cap. The move put SCRT on the crypto radar.

At the time of writing, SCRT is ranked #81, with a market cap of $1,305m. SCRT has rallied by an impressive 70% year-to-date. By contrast, Bitcoin was down by 6.7% year-to-date to Friday’s close.

Quentin Tarantino’s Pulp Fiction NFTs Drive SCRT to a New High

Earlier in the month, news hit the wires of Tarantino’s Pulp Fiction NFT sale going ahead later this month. Significantly, the 7 NFT collection is called “Secret NFTs” and will be launched on the Secret Network blockchain. Pre-registration took place before 10th January, with the 7 NFT auction set to take place between 17th and 31st January. The Secret NFT collection is based on Ethereum (ETH) blockchain.

Tarantino and Secret’s NFT launch will have two components. Uncut scenes from the movie and secret content, only accessible by the buyer. A key attribute of the Secret (SCRT) is that users can build and use applications “that are both permissionless and privacy-preserving”. Secret (SCRT) therefore protects users and also secures applications. The goal is to allow users to control how their data is used and viewed.

For Secret, the NFT sale has drawn significant interest. Tarantino is not the only Hollywood great exploring NFTs, however.

Film Goes Blockchain to Decentralize the Industry

Late last year, news hit the wires of BlockbusterDAO preparing a $5m bid to buy Blockbuster Video. The DAO is looking to revolutionize the film industry by turning Blockbuster Video into the “first-ever DeFilm (Decentralized) streaming platform and a mainstay of both Web3 brands and products”.

Voters on the network would be able to influence a final script and also have a say on casting and more. NFTs would undoubtedly come into play as a funding mechanism. Ultimately, BlockbusterDAO and others could prize the power from the Hollywood elite and decentralize the industry.

Just yesterday, there was news of a new platform named FF3, which wants to give filmmakers a platform to finance movies with NFTs. For investors, there would be a share of film revenues and, in addition, ownership of collectible NFTs that could be sold in the NFT marketplace. The platform’s first project, “Dead of Winter” is scheduled to launch later this month.

Secret Price Action

At the time of writing, SCRT was up by 1.14% to $8.723. A move back through to $10.00 levels would bring Friday’s ATH $11.25 into play. With the film industry abuzz at the prospects of decentralization, Secret is well placed with its blockchain characteristics. Much will now hinge on the success of the Secret NFT sale this month.

A successful auction and SCRT could well become a key force in a film industry revolution.

SCRTUSD 150122 Daily

Film Makers to Finance Movies with NFTs on New Platform FF3

Non-Fungible Tokens, more commonly known as NFTs, are both individual and unique. The key characteristic, therefore, is that they cannot be copied or duplicated. In recent years, NFTs have become prominent in both sport and the entertainment industry.

For the film industry, the level of interest in decentralized filmmaking and NFTs have surged in recent months.

Blockbuster, Tarantino and a Movie Industry Revolution

Late last year, news hit the wires of BlocbusterDAO looking to buy Blockbuster Video for $5m. While in NFT numbers it’s a small sum, the ultimate goal could be a game-changer for the movie industry.

As we reported last month, Blockbuster DAO is looking to deliver a first-ever DeFilm (decentralized) streaming platform. Voters would have a say on casting and even the outcome of a move or a series ending.

From DAO to NFTs. Decentralization and NFTs are intertwined and for filmmakers, it could be a “Perfect Storm”.

Earlier this month, news hit the wires of Pulp Fiction’s Quinten Tarantino going ahead with a 7 NFT collection sale, called Secret NFTs (SCRT). The significance of the sale is that Tarantino is going up against Miramax, who has filed a breach of contract against him for the sale of the NFTs.

Ownership issues would certainly be removed by giving full movie rights to a decentralized network and/or owners of NFTs.

FF3 wants to give filmmakers a platform to finance movies with NFTs. This follows on from famous film producer Niels Juul who has been planning to fund the first Hollywood movie entirely by NFTs. Last year, news had hit the wires of Niels setting up a production company called NFT Studios for the sole purpose of funding movies with NFTs.

FF3 and the Film Industry

Today, news hit the wires of a new platform FF3 launching to allow the industry to fund their moves through the sale of NFTs. As is the case with NFT studios, investors can also get a share of film revenues. Revenues would be in addition to owning collectible NFTs that could fetch a tidy sum in the NFT marketplace.

According to today’s news, FF3 will launch “The Dead of Winter” later this month. It will be the platform’s first project.

Undoubtedly, the project will be watched closely, not just by indie filmmakers but also by the Hollywood elite. As Tarantino squares up against Miramax, it is unlikely that the Hollywood studios will just rollover. With regulatory activity spiking in recent months, NFTs and filmmaking may also fall under the watchful eye of regulators.

The Dead of Winter is reportedly set to launch its funding round on FF3 on 24th January.

SCRT Rallies as the Secret Network Concludes the Duplex Finance Pilot

The Secret Network team said it has concluded the Duplex Finance pilot and is now considering the best path forward.

Secret Network Works with Key Tango to Conclude Duplex Finance Pilot

The Secret Network team announced a few hours ago that it had concluded the pilot of its Duplex Finance project. The team said it worked with Key Tango to conclude this pilot and termed it as successful.

The teams are now considering the best path forward in terms of potential modifications and implementations.

Secret Network is an interoperable blockchain infrastructure designed to enable computational privacy for general-purpose smart contracts. The blockchain is powered by the SCRT token, which is used for staking, delegation, governance, and all computational and transactional fees.

Since the announcement yesterday, SCRT’s value has increased by more than 19%. At press time, SCRT is trading at $7.8 per coin. SCRT has been one of the best-performing cryptocurrencies since the start of the year.

On January 2, SCRT rallied past the $6 mark to reach a market cap of $900 million. The rally was enough to propel the coin into the top 100 list of the most valuable cryptocurrencies. SCRT continued its rally in the first week of the year despite the broader market underperforming during that period.

SCRT broke past the $7 mark on January 10 as the market anticipates the launch of director Quentin Tarantino’s NFT launch.

SCRT Could Top the $8.5 Level Soon

The SCRT/USD daily chart is very bullish at the moment, thanks to its latest performance. At press time, SCRT is trading at $7.8, above its 50-day moving average price of $5.40.

SCRT’s MACD line is in the positive region. Source: FXEMPIRE

The MACD line has been in the positive zone since the start of the year. Meanwhile, the RSI of 65 shows that SCRT could enter the overbought region if the market rally continues.

SCRT could break past the first major resistance level at $8.5 in the coming hours if the bullish momentum is sustained. However, it would need the support of the broader market to surpass its current all-time high price of $10.

Secret (SCRT) Makes an Early Move as Tarantino NFTs Sale Date Nears

Smart contract platform Secret (SCRT) has been on the move at the turn of the year. Addressing privacy issues that users face with public blockchains and smart contracts, the adoption of Secret (SCRT) is only likely to rise further.

This week news hit the wires of crypto cyber-crime hitting an all-time high in 2021. Reportedly, cryptocurrency-linked crime surged by a whopping 79% to $14bn in the year. In 2020, crypto-currency linked crimes had hit $7.8bn. While the 2021 figure is large, illicit activities’ share of total crypto transaction volume sat at just 0.15%. This is down from 0.62% in 2020.

Secret (SCRT) and the NFT Market

Considering the growing NFT market and rapid rise in the number of crypto users and transaction volume, privacy could become a hot topic of the year.

At the end of 2021, news had hit the wires of art gallery owner Todd Kramer having his NFT collection stolen from his hot wallet. The reported value of the NFTs was $2.2m.

Following the news of the theft, Pulp Fiction director Quentin Tarantino announced that he will go ahead with the planned sale of Pulp Fiction NFTs. Tarantino plans to auction off 7 NFTs between 17th and 31st January. The 7-NFT collection is called “Secret NFTs” and will be reportedly launched on the Secret Network (SCRT) blockchain. The “Secret NFTs” collection is based on Ethereum (ETH) blockchain.

Secret (SCRT) Price Action

While Bitcoin (BTC) and the broader crypto market have struggled at the turn of the year, Secret (SCRT) is one of a few that has found strong support. At the turn of the year, Secret (SCRT) had entered the top 100 by market cap, according to CoinMarketCap. At the time of writing, Secret (SCRT) sat at #90, with a market cap of $988m.

Year-to-date, Secret (SCRT) is up 28% through to Friday’s close. At the time of writing, Secret (SCRT) was up by 0.42% to $6.54.

Looking at resistance levels, a breakthrough Tuesday’s high $7.12 would give Secret (SCRT) a run at October’s ATH $11.08. Secret (SCRT) will need to break down resistance at November’s high $10.58, however.

SCRTUSD 080122 Daily

Tarantino’s Pulp Fiction NFT Sale to Go Ahead in Spite of Miramax Lawsuit

Released in 1994 and directed by Quentin Tarantino, Pulp Fiction drew in $213m at the box office worldwide. The estimated budget was just $8m.

An all-star cast included John Travolta, Samuel L. Jackson, Uma Thurman, Harvey Keitel, Tim Roth, Amanda Plummer, Maria de Medeiros, Ving Rhames, Eric Stoltz, Rosanna Arquette, Christopher Walken, and Bruce Willis.

Not only did Quentin Tarantino direct the movie, but he also co-wrote it with Roger Avary and starred in the movie.

What else is there to know about Pulp Fiction?

Pulp Fiction may not have been a big winner at the Academy Awards but it is, nonetheless, an iconic movie.

Some Pulp Fiction accolades include:

  • In 1994, Pulp Fiction won the coveted Palme D’or at the 1994 Cannes Film Festival.
  • Nominated for 7 academy awards, Pulp Fiction won Best Original Screenplay.
  • In 2008, Entertainment Weekly named it the best film since 1983.
  • On Rotten Tomatoes, Pulp Fiction holds an approval rating of 92% and an average rating of 9.2 out of 10.0.
  • IMDb ranks Pulp Fiction at #8, with an IMDb rating of 8.8.

Tarantino, the Pulp Fiction NFTs, and Secret (SCRT) Lab

In early November 2021, news hit the wires of Pulp Fiction director Tarantino’s plans to auction off 7 NFTs. The move reportedly made Tarantino one of a lengthening list of big entertainment names embracing NFTs.

Non-Fungible Tokens, more commonly known as NFTs, are both individual and unique. The key characteristic, therefore, is that they cannot be copied or duplicated. This very attribute has made NFTs particularly popular within the arts and entertainment world.

Reportedly, the 7 NFTs would include never-seen-before footage, otherwise known as uncut scenes, only available to the buyers.

The 7-NFT collection is set to be called “Secret NFTs” and will be reportedly launched on the Secret Network (SCRT) blockchain.

Tarantino and Secret’s NFT launch will have two components. Uncut scenes from the movie and secret content, only accessible by the buyer. A key attribute of the Secret (SCRT) is that users can build and use applications “that are both permissionless and privacy-preserving”. Secret (SCRT) therefore protects users and also secures applications. The goal is to allow users to control how their data is used and viewed.

Tarantino and Secret (SCRT) will auction the 7 NFTs between 17th and 31st January. Prospective buyers will need to pre-register before 10th January in order to have a shot at 1 or more of the 7-NFTs on offer.

The “Secret NFTs” collection is based on Ethereum (ETH) blockchain. Users must, therefore, have ETH or ETC-20 compatible stablecoins to successfully purchase one, some, or all of the NFTs.

Secret (SCRT) was only just in the news, entering the crypto market top 100 by market cap at the start of the year.

Miramax, Pulp Fiction, and Quinten Tarantino

Miramax filed a lawsuit against Tarantino in November 2021. The Miramax complaint is for breach of contract, copyright infringement, trademark infringement, and unfair competition. Miramax has also demanded a jury trial.

Miramax is a Hollywood titan. While Tarantino has accolades galore, Miramax simply has more.

These include:

  • 728 Academy Award nominations from more than 700 titles.
  • 68 Oscars that include 4 Best Picture awards.

It’s hardly surprising that Miramax has filed a complaint. Miramax itself considers Pulp Fiction to be one of the most influential films in history, placing the film alongside the movies that won Academy Awards for Best Motion Picture.

For the NFT market, Tarantino, and Secret (SCRT) it could be a watershed moment. A Miramax loss will likely open the floodgates for more uncut scenes from the greatest films of all time to hit the NFT market.

Secret (SCRT) up 6% in 24 Hours

No matter how bearish the crypto market might be, there’ll always be digital assets that defy the odds. In the past 24 hours Secret (SCRT) has been one of those tokens.

Secret (SCRT) Rises by 6% in 24 Hours

The relatively unknown token has risen by more than 6% in the past 24 hours, going from $5.776 to as high as $6.876. While it’s already shed some of those gains, it’s still performing well with a current price of around $6.67 as of writing.

With this spike, SCRT is finally rebounding after the pullback that saw it fall from its ATH in late October until mid-December. The recent rise in price is likely due to a greater emphasis on privacy in the crypto community following several talks about more regulatory oversight this year. 

Interestingly, available data on Coingecko shows that the asset has seen its value rise by over 30% in the last 30 days.

This green run has pushed SCRT into the top 100 Cryptocurrencies by market cap as it currently ranks 96 on CoinMarketCap.

Secret Blockchain is Enjoying Wider Adoption

SCRT is the native token of open-source blockchain, Secret. The network provides privacy features for the Ethereum blockchain and select ERC-20 tokens. Secret blockchain, which launched in late 2020, allows holders of Ether and other ERC-20 tokens to create Secret Tokens. 

Secret tokens are programmable versions of their digital assets with privacy features, making such ERC-20 tokens similar to privacy coins such as Monero while still being programmable.

The 14 ERC-20 tokens initially selected to have these privacy features include ETH, Compound (COMP), Yearn.Finance ( YFI), Aave (AAVE), Uniswap ( UNI), Synthetix (SNX), Kyber (KNC), Ocean (OCEAN), Dai (DAI), Maker (MKR), True USD (TUSD) Wrapped BTC (WBTC), Band (BAND) Chainlink (LINK) and Tether (USDT).

The network has a
Secret Ethereum bridge that makes this possible. According to the network, this is part of its effort to bring privacy to public blockchains.

While it might not have gotten as much mainstream attention as popular networks, the adoption of Secret Network is increasing. 

In November 2021, legendary director Quentin Tarantino announced plans to auction NFTs of seven uncut scenes from Pulp Fiction using Secret Network. 

According to the CEO, such NFTs offer more functionalities than regular NFTs as it has two layers, with one layer being secret except for the owner.

Secret (SCRT) Enters the Top 100 Cryptos by Market Cap

What is Secret (SCRT)?

Addressing privacy issues that users face with public blockchains and smart contracts, Secret (SCRT) delivers smart contract privacy. Transactions across other blockchains are secure but are viewable by everyone. While the transparency of some transaction details is not a concern, there are some details that should be hidden. In the case of Bitcoin (BTC) and other blockchains, a breach of ownership identity could result in the other owners’ identities being revealed.

On the Secret (SCRT) blockchain, users can build and use applications “that are both permissionless and privacy-preserving”. Secret (SCRT) therefore protects users and also secures applications. The goal is to allow users to control how their data is viewed and used.

Why the Need for Privacy?

In recent weeks, there has been a marked increase in regulatory chatter. The Bank of England recently raised its concerns over cryptos and their risks to financial stability. The UK’s central bank also talked of the need to build a global regulatory framework. Global crypto exchange Binance has also come under fire. Last month, Binance withdrew its Singapore application and also came under fire in Ontario, Canada. Then there’s China’s continued clamp down and recent news on the Indian government and its investigations into tax evasion amongst crypto-exchanges. Binance-owned WazirX was amongst a number of exchanges searched by Indian tax authorities over the New Year.

With regulatory oversight back on the agenda, user privacy has also become a key issue once more. This need for privacy does not just stem from increased interest from regulators, however. Privacy would also protect users from becoming targets and that’s before considering smart contract disclosures. Smart contracts are publicly viewable and disclose a significant amount of information. These can include the purpose of the contract, the users involved, and the inputs and outputs. For instance, Ethereum’s (ETH) smart contract details are publicly viewable. Ultimately, providing increased security, by way of  smart contract privacy, would protect users.

As the world continues to embrace DeFi, Web3, the Metaverse, and more, privacy issues will likely become an even greater area of focus. One only needs to consider the Facebook data leak and the furor that ensued to then see the need to ramp up smart contract privacy.

Secret (SCRT) Price Action

On Saturday, 1st January 2022, SCRT rallied by 20.74% to end the day at $6.1437. According to CoinMarketCap, Secret (SCRT) is now ranked at #100 by market cap. At the time of writing, Secret’s (SCRT) market cap stood at $900.37m. Saturday’s close fell well short of late October’s ATH $10.9994, however.

In spite of the pullback from last October’s highs, SCRT ended 2021 up by 733%. The New Year’s Day rally was not market driven, when considering price action across the broader crypto market. ETH rose by a more modest 2.45% on the day.

Increased regulatory chatter and a greater focus on smart contract privacy would likely increase investor interest in Secret (SCRT). With Secret (SCRT) in the top 100 by market cap, it’s now on the crypto market radar. The more bullish price prediction is for Secret (SCRT) to return to $10.30 levels by year end.

Looking at resistance levels, a breakout from December’s high $6.44 could give SCRT a free run back through to $10.00 levels. Such a move would make forecasts of $10.30 by year end particularly conservative.

SCRTUSD 020122 Daily

Miramax Sues Director Quentin Tarantino Over ‘Pulp Fiction’ NFTs

Star director Quentin Tarantino is in trouble for the plan auction of his Pulp Fiction NFTs, and the case has attracted a lot of attention within the media sector.

Pulp Fiction NFTS Gets Tarantino in Trouble

Last week, we reported that star director Quentin Tarantino would auction off seven NFTs based on the Pulp Fiction movie. Tarantino launched the NFTs on the Secret Blockchain. The NFTs were designed to have both a public-facing and secret element.

However, what started out as a harmless desire to enter the NFT space could turn into a big legal battle for Tarantino. Miramax, the entertainment company behind the Pulp Fiction movie, has sued the director.

Miramax claims that they have NFT plans for the movie, and launching and selling NFTs related to the movie isn’t covered by Tarantino’s republishing rights. The company claims that although Tarantino owns the right to publish the film’s screenplay, Miramax pointed out that the one-time NFT sale is outside that category.

As a result, Miramax has sent a cease-and-desist letter to the director to stop the sale. However, Tarantino continues to push forward with his plans despite the lawsuit. The lawsuit is quite complicated at this stage because the NFTs are secret. This implies that they are designed in a way that only their owners can view the deleted scenes. Hence, Miramax is suing Tarantino over contents it hasn’t seen.

SCRT/USD chart. Source: FXEMPIRE

NFTs are Growing Bigger

NFTs have become very popular within the cryptocurrency space and beyond. In recent months, numerous media companies and celebrities have entered the NFT space, releasing and selling NFTs.

In the third quarter of 2021, NFT sales topped $10 billion for the first time. The trading volume is expected to grow even bigger over the coming months as the adoption grows.

An increasing number of blockchains are making it possible for users to mint, launch and sell their nonfungible tokens.

Star Director Quentin Tarantino to Release 7 Pulp Fiction NFTs. NFTs Will Become Even Bigger

Quentin Tarantino has become the latest big name to enter the nonfungible token (NFT) space.

Quentin Tarantino to Release 7 Pulp Fiction NFTs

Pulp Fiction director Quentin Tarantino revealed yesterday that he would auction off seven NFTs, making him the latest big name in the film industry to embrace nonfungible tokens. The NFTs will include never-before-seen content that would only be available to the buyers.

According to the latest report, the NFT collection will be called “Secret NFTs” and will be launched on the SCRT Labs’ Secret Network. Secret (SCRT) is a cryptocurrency and the native token of the Secret Network blockchain. Similar to the leading coins such as Bitcoin and Ether, users can hold their Secret (SCRT) in a wallet and spend it when they want to use Secret Network.

By launching the NFT on the Secret blockchain, they will have both a public-facing and secret element. The public-facing aspect of the NFTs will be comprised of uncut Pulp Fiction scenes. Each of the NFTs will also come with a secret piece of content that only the buyer can access.

Tarantino said, “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.”

The statement revealed that amongst the seven NFTs, the secret elements would comprise the uncut first handwritten scripts of Pulp Fiction. They will also come with exclusive custom commentary by the director himself, revealing secrets about the movie and its creator.

NFTs have become very popular in the arts and entertainment world, and more people are eager to learn about them.

SCRT Down by 2.5%

SCRT, the native coin of the Secret network, is down by more than 2.7% over the past 24 hours despite the news of Tarantino launching his NFTs on the blockchain. At the time of writing, SCRT is down, trading at $9.1 per coin, down by 2.75% over the past 24 hours.

scrt
SCRT/USD chart. Source: FXEMPIRE

The NFT sector has been gaining a lot of attention in recent months. With more star names entering the space NFTs will become even more popular over the coming months and years.

What are NFTs? Everything You Need to Know About Non-Fungible Tokens

These are essentially cryptographic assets on blockchain with unique identification codes and metadata. These codes and metadata make them individual and unique.

NFT Definition and Advantages

Blockchain-enabled digital artworks, also known as NFTs, can take a variety of forms. Memes, video clips, pictures, music, and tweets are some of the most popular types of digital artwork.

One characteristic of an NFT, therefore, is that it cannot be copied or duplicated.

An example of an NFT from the real world would be a piece of art, such as the Mona Lisa. While Leonardo Da Vinci is known for numerous pieces of art, there is only one Mona Lisa.

While you can trade one Litecoin for another, you can’t trade one Mona Lisa for another Mona Lisa.

For the world of blockchain, a key advantage of NFTs is that they cannot be copied. And so, unlike the Mona Lisa, NFTs can be bought and sold without the possibility of fraud.

In the art world, a lot of money is spent to authenticate pieces of work before being sold. An NFT does not need middlemen to ensure authenticity.

What is Fungible vs. Non-Fungible?

According to the Cambridge Dictionary, fungible or fungibility means simply interchangeable. “This is a characteristic of most financial instruments and market assets.”

By contrast, non-fungible property/assets/funds are not easy to exchange or mix with other similar goods or assets.

In other words, stocks, Certificates of Deposits, Cryptos, etc. are fungible assets.

An example of a non-fungible asset would be land or even diamonds. While the land is a simple one to classify, each individual diamond is also unique. Each diamond has a different cut, size, grade, and so forth and therefore can’t be interchangeable with another diamond.

How Are NFTs Created?

NFTs are very simple to create, unlike blockchains and cryptocurrencies.

A number of NFT marketplaces allow users to freely create an NFT and no programming knowledge is required. Marketplaces that currently allow users to freely create NFTs include OpenSea, Raible, or Mintable.

Minting is the process of creating a nonfungible token. Digital assets are transformed into assets on the blockchain through this process. As with metal coins, NFTs are minted once they have been created. The digital item becomes tamper-proof, more secure, and difficult to manipulate after the process. 

Having been defined as a nonfungible token, it can be bought, traded, and digitally tracked when resold or collected again in the future.

Creating art NFTs is particularly popular and these marketplaces cater for just that.

How Do NFTs Work?

NFTs are digital tokens that are on a blockchain ledger. Once created, the market then trades the NFTs across marketplaces.

Once an NFT is created, there is a proof-of-ownership that must be stored securely in an NFT wallet.

It is the proof-of-ownership that is ultimately the tradeable and non-fungible asset.

Once created, the blockchain ledger records the NFTs and their unique identifying codes. The blockchain ledger then also records each sale and resale and ownership.

This not only prevents the copying of an NFT but also removes fraudulent claims of ownership or even claims over creation.

Why Do NFTs Have Value?

This is simply a case of supply and demand. The key here is the supply side that drives up the value of NFTs. Since there is only one individual asset, high demand can lead to significant increases in value.

Taking the Mona Lisa as an example, experts estimate the value of the Mona Lisa at more than $800m. Had Leonardo da Vinci painted numerous Mona Lisa paintings to exactly the same quality, these would be fungible. Their value would also be significantly less than the single painting thought to be edging towards $1 billion.

As the NFT market expands, the number of NFTs are likely to increase significantly. At this stage, demand will likely become the key price dictator.

Market appetite will continue to dictate value. A unique NFT of interest versus one of little interest to collectors and investors will vary significantly in price.

For example, Twitter CEO Jack Dorsey recently tweeted a link to a tokenized version of his first-ever written tweet.

Bids have reportedly reached in excess of $2.5 million. Other Jack Dorsey tweets are unlikely to have a collectible value, however, even though each tweet is unique.

How Do I Buy or Trade NFTs?

For those looking to buy or trade NFTs, identifying the right marketplace is the first step.

There are numerous marketplaces at present that cater to different areas of the collectible world.

For instance, Axie Marketplace is the official marketplace for the game Axie Infinity.

Cryptoslam! is a site that lists the largest market places by sales volume for those looking to enter the NFT space.

There is also Sorare, which is a fantasy soccer marketplace, where you can manage, and buy and sell virtual teams. At the time of writing, Sorare ranked fifth on the all-time sales list, with $24.41m in total sales.

CryptoPunks ranks 2nd on the all-time sales volume list has 10,000 uniquely generated characters. Each can be officially owned and proof of ownership is logged on the Ethereum blockchain.

While there are many marketplaces, those wanting to purchase an NFT will need an NFT wallet in order to store any purchased NFTs.

There are a number of NFT wallet providers in the marketplace. As with cryptos, NFT holders must store-purchased NFTs securely. Hard wallets would be more secure, protecting NFT holders from hackers.

When it comes to purchasing NFTs, some marketplaces support purchases with a credit card. Others, however, require purchases with Ethereum.

For Ethereum purchases, you will need to fund your NFT marketplace account with Ethereum to proceed.

To purchase your NFT, most marketplaces sell NFTs in an auction. You simply need to place your bid and wait until the conclusion of the auction.

If your bid was successful, your account would be debited and your NFT wallet credited with your newly purchased NFT.

What Are the Most Expensive NFTs?

Of late, NFT market news has flooded the crypto and mainstream newswires. With tech-savvy investors looking to be first to market, there have been a number of eye-watering bids for NFTs.

The largest NFT market places ranked by sales volume (all-time) at the time of writing include:

  • Axie Infinity – $3.99 billion
  • CryptoPunks – $2.05 billion
  • Bored Ape Yacht Club – $1.34 billion

Here you can view sales over a specified time period, the price change over the specified time period, and the number of buyers and transactions.

What is Axie Infinity?

Taking a look at Axie Infinity, there have been a total of 14m transactions that have led to total sales of $3.99 billion.

As part of Axie Infinity, you can purchase creatures called Axies and use them to explore, battle, and breed. Sky Mavis developed it based on Ethereum. Its Pokémon-like design makes it appealing to young children even if it has an 18+ rating.

In order to begin the game, you need to purchase three Axies. These initial Axies cost up to £1,115 in cryptocurrency. Axie is currently working on creating a free-to-play version of the game for iOS and Android users.

Axie Infinity can be linked-to Sky Mavis’ Ronin wallet, which is a digital wallet that Sky Mavis offers. Using your Ronin wallet, you can purchase Axies.

There are two main ways to play the game. The first is SLP. As you win adventures and complete daily quests, you earn SLP. Breeding Axies requires unlimited SLP.

Another resource is AXS tokens. The game only has 270,000,000 of these resources. Owners of AXS tokens can determine how the game is developed. That may also lead to the purchase of Sky Mavis and a fully decentralized economy in-game.  

Axies can be exchanged for AXS tokens within the game or sold. Additionally, they can be converted to fiat currencies.

Looking At Individual NFT Sales

Christie’s Auction sold Beeple NFT for a whopping $69.3m. This is by far the largest sale to date.

The next 4 largest NFTs were the sales of CryptoPunk characters. Sale prices ranged from $7.6m for CryptoPunk #3100 to $1.3m for CryptoPunk #4156.

At the start of the year, several NFTs from Pulp Fiction were sold by Quentin Tarantino and Secret (SCRT). A Tarantino NFT collection piece was sold at an auction for $1.1 million late in January.

Film news of the year did not stop with Tarantino’s sale of the NFT. It was reported in late January that Blockbusters filed trademark applications for a deal to revamp home entertainment. 

In addition, the arts, music, and sports have embraced NFTs, with even the United Nations planning an NFT display in March during International Women’s Day.

Digital asset advocate Melania Trump, who has shown a great deal of interest in NFTs, has also entered the NFT field. In December, the former first lady launched MelaniaTrump, a blockchain platform powered by Solana (SOL). With her first NFT, Melania’s Vision, she introduced the platform to the world.

The platform hosted the sale of Melania’s Vision following the sale of Melania’s Vision and 2022 NFT, the Head of State Collection. According to reports, Melania Trump purchased the painting for $170,000, an NFT from the Head of State Collection.

Trump had announced on Twitter that the Heads of State Collection was up for auction.