The news that Quentin Tarantino NFTs auction will go place was grabbing every eye at the start of the year. The auction was scheduled to take place from January 17 to January 31.
The auction, entitled “TARANTINO NFTs,” features the sale of seven NFTs of uncut scenes from Pulp Fiction that are available exclusively to the buyers. The auction will be held on the Secret Network or SCRT blockchain. The Ethereum (ETH) blockchain underpins the Tarantino NFT collection.
NFT auctions have been a new trend these days. Taiwan-based legendary singer-songwriter Jay Chou has recently announced the action of his classic song, DEMO. American rapper Snoop Dogg has also brought the “Decentral Eyes Dogg” NFT auction in December last year.
The Royale with Cheese sells for $1.1 million
The first of the seven TARANTINO NFTs called “Royale with Cheese” sold for $1.1 million on Monday. The sale was announced during a tumultuous period for the broader crypto market.
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.
The purchase of the first NFT occurred when Bitcoin (BTC) was falling below $33,000, and Ethereum (ETH) dropped to a low of $2,159 in January.
The dramatic rise in crypto market volatility at the start of 2022 was spurred by increased regulatory involvement and market sensitivity to the Federal Reserve’s monetary policy.
Tarantino NFTs suffer from regulatory pressure and market volatility
On Saturday, the Tarantino NFTs announced on Twitter that the auction has been halted.
AN IMPORTANT UPDATE FOR OUR COMMUNITY: In light of extreme market volatility, we’ve decided to postpone the remainder of the auction to put the needs of our community first.
— Legendao⚡️ (@LegendaoNFT) January 28, 2022
The sudden increase of regulatory attention may generate further difficulties for Tarantino and the Secret Network. Tarantino was sued by Miramax for breach of contract, trademark infringement, copyright infringement, and unfair competition late last year. The lawsuit has raised questions on the auction’s ability to take place this month.
This will be a disappointment for Tarantino and Pulp Fiction fans hoping to get their hands on one of the last 6 NFTs for sale. There was no word on when the auction would restart at the time of publication.