Tarantino NFT Auction Hits Pause Due to Market Volatility

    Basis of Tarantino’s NFT

    Quentin Tarantino created an Oscar-winning script that would impact the entertainment industry’s destiny twenty-eight years ago. He then went on to direct a picture based upon the screenplay, which was both critically acclaimed and financially successful. The film in question is, of course, Pulp Fiction.

    Quentin Tarantino’s original, handwritten script has remained a particular creative treasure that he has kept hidden for decades. He has now transformed this into a one-of-a-kind NFT selection in partnership with SCRT Labs. The final script from a single legendary scene is included in each NFT, as well as a unique commentary track from Quentin Tarantino himself.

    The collector who owns a few of these limited-edition unique NFTs would be the first to see inside Quentin Tarantino’s thoughts and creative process. Secret Network, the very first blockchain with anonymity by design for smart contracts, is issuing the NFTs holding this incredible information.

    Tarantino’s NFT auction

    The news that Quentin Tarantino’s Fiction NFT sale will go place reached the wires at the beginning of the year. The auction was scheduled to take place from the 17th to the 31st of January.

    The auction, dubbed “TARANTINO NFTs,” will feature the sale of seven NFTs, which are uncut scenes available exclusively to the bidders. The auction will take place on the SCRT (Secret Network) blockchain. The Ethereum (ETH) blockchain underpins the Tarantino NFT collection.

    Royale with Cheese goes for $1.1million

    The first of seven TARANTINO NFTs auctioned for $1.1 million on Monday. The transaction was announced during a tumultuous period for the wider crypto market. The deal occurred after Bitcoin (BTC) fell below $33,000 and Ethereum (ETH) fell to a low of $2,159 in January.

    The substantial increase in crypto market turmoil at the start of the year was spurred by increased regulatory oversight and market sensitivity to the Federal Reserve’s monetary policies. The sudden increase of regulatory attention may generate further difficulties for Tarantino and the Secret Network. Tarantino was sued by Miramax for breach of the contract, violating copyrights, trademark law, and unfair competition late last year. The lawsuit has cast doubt on the auction’s ability to take place this month.

    Crypto Market Volatility hits Tarantino NFT sale

    There will be a disappointment for Tarantino and Pulp Fiction fans hoping to get their paws on one of the last 6 NFTs for sale. The Tarantino NFTs bidding was halted on Saturday. “In light of extreme market turmoil, we’ve chosen to delay the rest of the bidding to put the needs of the community first,” the team said on Twitter.

    Pumpkin and Honey Bunny was the second of a series of seven to go on sale, after the Royale with Cheese sale.

    “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” are the remaining five NFTs.

    There was no word on when the bidding would restart at the time of this writing.

    Secret price action

    The Secret was down 1.34 percent at $5.54 at the time of this writing. Returning to last Wednesday’s high of $6.75 would put the current month’s high of $10.06 in play. However, resistance at $10.00 is anticipated to push Secret back out of its November high of $10.9994.

    Looking at the EMAs, a break above the $6.23 50-day EMA would put the January high of $10.06 in play. A return to $10.00 levels will put Secret in contention for November’s ATH of $10.9994.

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