What the Quentin Tarantino NFT Lawsuit Says About IP Ownership
One of the most interesting developments in the NFT world is the surprise launch of Quentin Tarantino’s Pulp Fiction NFT collection on Open Sea. What is even more surprising is the lawsuit that Miramax - the distributor of the film - filed against the filmmaker right after the NFT launch.
This lawsuit is notable because it will be the first time that a high-profile (celebrity) creator is being sued over a question of Intellectual Property (IP). The questions in this lawsuit will surround whether Hollywood IP ownership will fall to the creator or the producer/distributor of the work. The outcome of the Tarantino/Miramax lawsuit will likely have huge ramifications throughout the entertainment industry.
Tarantino NFTs Taken Off Open Sea
Tarantino launched his NFTs on Open Sea in November of 2021. However, when Miramax filed the lawsuit, the collection was taken off the platform. Currently, the NFTs sit in limbo as the two parties try to resolve the litigation.
Miramax Lawsuit Brings into Question Who Own Pulp Fiction IP for NFT Use
With the lawsuit, we now have to question who owns the intellectual property or IP of a piece of art before it can be used as a non-fungible token or NFT. On one hand, you have Miramax who paid for a portion of the production - along with Jersey Films - as well as the distribution of the film. On the other hand, Quentin Tarantino owns the publishing rights to the Pulp Fiction screenplay.
Tarantino’s Side of the Argument
In the agreement with Miramax LLC, Tarantino retains the publishing rights to the Pulp Fiction screenplay. That means that Tarantino can has the right to republish the screenplay in books or other forms of media that were spelled out in the original contract with Miramax.
Miramax’s Side of the Argument
The studio’s side of the argument is that NFT’s did not exist at the time. When you sign a contract, you are basically bound by the letter of the contract. Therefore, the studio can argue that since NFT’s are not part of the publishing rights from the Pulp Fiction property.
NFT Laungauge Will Be Added to Future Contracts
No matter how the lawsuit turns out between Miramax and Tarantino, there is one thing that is for certain - NFT language will be added for future contracts. That means that we will see studios and creative negotiate who has the right to publish NFT versions of any work that will first appear in movies, shows, and books.
The Lawsuit Means that Hollywood Sees Real Value in NFTs
So what does this whole lawsuit mean to the world of NFTs? It means that Hollywood sees value in this artform and they will likely use it as another way to make money on their properties. However, it also means that artists who work in Hollywood will not have free reign to sell their work as NFTs. This could ultimately be good news since it can further legitimize the entire NFT market.