Secret (SCRT) up 16% on Friday as Film NFT Chatter ramps up ahead of Tarantino NFT Sale

Share this

It was a bullish Friday session for the crypto market on Friday. Litecoin (LTC) ended the day up 5.86%, while Bitcoin (BTC) and Ethereum (ETH) posted gains of 1.19% and 2.12%, respectively.

While there has been a lot of news regarding the interconnectedness between the crypto and US stock markets, the crypto market also has its own key drivers.

These include regulatory activities, adoption and stock market listings.

On Friday, Secret (SCRT) was up 16.3% to end the day at $8.63. It could have been an even more impressive session as SCRT made a fresh ATH of $11.25 that day.

Just last week, we reviewed SCRT price action and highlighted that a break above $7 would bring into play the previous October ATH price of $11.08. It’s been an impressive start to the year for SCRT, which continues its run to last year’s 733% gain. Earlier in the year, we also reported on SCRT’s rise into CoinMarketCap’s top 100 by market cap. The move put SCRT on the crypto radar.

At the time of writing, SCRT is ranked 81st with a market cap of $1,305 million. SCRT has recovered an impressive 70% year-to-date. In contrast, Bitcoin was down 6.7% year-to-date through Friday’s close.

Quinten Tarantino’s Pulp Fiction NFTs propel SCRT to new highs

News broke earlier this month about Tarantino’s Pulp Fiction NFT sale, which will take place later this month. Significantly, the 7 NFT collection is called “Secret NFTs” and will be launched on the Secret Network blockchain. Pre-registration is due by October 10thth January, with the 7th NFT auction taking place between January 17 andth and 31st January. The Secret NFT collection is based on the Ethereum (ETH) blockchain.

Tarantino and Secret’s NFT launch has two components. Uncut scenes from the film and secret content only available to the buyer. A key attribute of the secret (SCRT) is that users can create and use applications “that are both permissionless and privacy compliant.” So, Secret (SCRT) protects users and also secures applications. The goal is to give users control over how their data is used and viewed.

For Secret, the NFT sale has generated a lot of interest. Tarantino isn’t the only Hollywood star exploring NFTs, however.

Film turns blockchain to decentralize the industry

Late last year, news hit the lines of BlockbusterDAO, which was preparing a $5 million bid to buy Blockbuster Video. The DAO aims to revolutionize the film industry by bringing blockbuster video into the “first-ever DeFilm (decentralized) streaming platform and a mainstay of both Web3 brands and products“.

Voters on the network could influence a final script and also have a say in the cast and more. NFTs would undoubtedly come into play as a funding mechanism. Ultimately, BlockbusterDAO and others could wrest power from the Hollywood elite and decentralize the industry.

Just yesterday there was news of a new platform called FF3 that aims to provide filmmakers with a platform to finance films using NFTs. For investors there would be a share of the movie proceeds plus ownership of collectible NFTs that could be sold on the NFT marketplace. The platform’s first project, Dead of Winter, is slated to launch later this month.

Secret Price Promotion

At the time of writing, SCRT is up 1.14% to $8.723. A move back to the $10.00 level would put Friday’s ATH of $11.25 into play. With the film industry excited about the prospects of decentralization, Secret is well positioned with its blockchain properties. Much will now depend on the success of this month’s Secret NFT sale.

A successful auction and SCRT could well become a key force in a film industry revolution.

This article was originally published on FX Empire

More from FXEMPIRE:

Share this

Leave a Comment