NFTs on Secret Network
by Justin Caccappolo & Mike Platis
Users of the metaverse from all over the world travelled to Manhattan this past week as NFT.NYC encapsulated the Big Apple. A conference dedicated to non-fungible tokens, NFT.NYC held its third annual conference with a record number of attendees ranging from artists, technology enthusiasts, and investors. Having panels by day, flashing billboards of specific NFT projects in Times Square, and after party gatherings at night – the phenomenon of NFTs were the discussion of New York City during this fall week.
Movie Industry <> NFTs
During the conference, an intriguing panel was conducted by famous director Quentin Tarantino, who announced his partnership with Secret Network to publish a collection of seven NFTs. This private collection will contain seven NFTs of uncut, never before seen scenes from Tarantino’s 1994 movie Pulp Fiction with commentary from Tarantino regarding untold notes about the specific scene and the first handwritten script. Each scene will be auctioned off on OpenSea and users can place bids in the native token Secret.
Secret Network is a Layer 1 blockchain that is public by default, but supports a privacy preserving smart contract application layer. Secret Network allows users to build and integrate applications that are permissionless and private by refining traditional smart contracts to support encrypted smart contracts.
Currently, any NFT on other Layer 1 protocols (Ethereum, Solana, Polygon, etc) are on public-facing metadata and can be found via transaction hash or wallet address to view the original token.
Therefore, all NFTs on these networks are visible to all on that blockchain. With the Pulp Fiction scene NFTs being launched on the Secret Network, the owner of these scenes can decide on keeping the tokens private or public. Integrating the core development of SCRT Labs, Tarantino has leveraged NFTs with exclusivity and expects there will be a higher demand from his followers who will not only view these never before seen scenes, but also have bragging rights of owning a one of seven NFT. This isn’t the first NFT collection to utilize Secret’s savvy NFT architecture. Anon Army, a collection of 580 “Anons”, were the first NFT to exercise the Secret Network’s privacy application layer. While the wallet associated with the NFT is unviewable, the owner has rights to change the metadata behind the NFT. With one change to the metadata, inputting your Telegram username, your Anon now allows you access to a “Secret Anon” chat – protecting the authenticity of the community. NFTs on Secret Network are slowly innovating within both the Art and NFT industry by allowing creators and owners more flexibility in their ability to privatize/publicize their work, opening doors for further potential use cases for NFTs.
CrossTower provides this information for educational purposes. Tokens referenced herein may not be available to buy, sell, or trade on CrossTower’s platforms.
CrossTower Inc. provides this content for general information purposes, to better inform you on your digital asset investment journey. We do not provide investment recommendations or provide tax advice. Please consult your investment professional or tax advisor if you require assistance in these areas.
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