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