A recent celebrity to climb onto the NFT bandwagon is the eponymous Hollywood movie director and screenwriter, Quinten Tarantino, who, as was widely reported in the media, announced on November 2,2021 that he will sell by way of auction seven âexclusive scenesâ from the 1994 acclaimed blockbuster motion picture âPulp Fictionâ in the form of NFT's.
But does Tarantino have the right to develop and sell, or to âmintâ the âPulp Fictionâ NFT's without the permission and consent of the award winning, global film and television studio, Miramax, LLC (âMiramaxâ) who partnered and collaborated with Tarantino on the critically acclaimed movie?
Miramax does not think so because Tarantino granted and assigned nearly all of his rights to Pulp Fiction. Miramax promptly sued Tarantino and Visiona Romantica in Federal Court.
What are the lessons to be learnt from the Miramax -Tarantino Pulp Fiction NFT lawsuit?
Lesson # 1- Take NFT's and Emerging New Technologies into Consideration in IP- related contracts
Lesson # 2- If you are a creator, developer, seller, or âminterâ of NFT offerings, ensure you have the right to âmintâ and the right to use associated IP rights in connection with the sale, marketing, advertising, and promotion of the NFT offering before embarking on such a venture.
Lesson # 3- Interested collectors or buyers of NFT`s should be vigilant before purchasing NFT's.
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