Friday’s session was bullish for the cryptocurrency market on Friday. Litecoin (LTC) ended the day 5.86% higher, with Bitcoin (BTC) and Ethereum (ETH) gaining 1.19% and 2.12%, respectively.
Although there is a lot of news regarding the interrelationship between the cryptocurrency markets and the US stock markets, the cryptocurrency market also has its own major drivers.
Among these are regulatory activities, adoption, and exchange listings.
On Friday, Secret (SCRT) stock rose 16.3% to end the day at $8.63. It could have been a more impressive session, with the SCRT bringing in A$11.25 new per day.
Just last week, we looked at SCRT price action and highlighted that a breakout from $7 levels would trigger the activation of $11.08 prior to October. It’s been a great start to the year for SCRT, which continues to undo its gains last year by 733%. At the beginning of the year, we also reported that SCRT moved into the Top 100 CoinMarketCap by market capitalization. This move placed SCRT on the radar encoder.
At the time of writing, SCRT is at No. 81, with a market capitalization of $1,305 million. SCRT is up an amazing 70% year-to-date. By contrast, bitcoin is down 6.7% year-to-date to Friday’s close.
NFTs push Quinten Tarantino’s Pulp Fiction SCRT to a new level
Earlier in the month, news reached Tarantino’s Pulp Fiction NFT sale later this month. Notably, the set of 7 NFTs is called “Secret NFTs” and will be launched on the secret blockchain network. Pre-registered 10y January, with the seventh NFT auction scheduled between 17y and 31St January. Secret NFT suite is based on the Ethereum (ETH) blockchain.
Tarantino and Secret’s NFT launch will have two components. Uncut scenes from the movie and secret content, can only be accessed by the buyer. The main feature of Secret (SCRT) is that users can create and use “unauthorized and privacy-preserving” applications. Thus, Secret (SCRT) protects users and secures applications as well. The goal is to allow users to control how their data is used and viewed.
For Secret, the NFT sale has attracted a lot of interest. However, Tarantino isn’t the only Hollywood greatest to explore NFTs.
Movie Goes to Blockchain to Decentralize the Industry
Late last year, news hit the BlockbusterDAO wires as it prepared a $5 million bid to buy Blockbuster Video. DAO is looking to revolutionize the film industry by turning Blockbuster Video into “The first ever DeFilm (decentralized) streaming platform and a mainstay for both Web3 products and products“.
Network voters will be able to influence the final text and also have a say in the selection and more. NFTs will undoubtedly play the role of the financing mechanism. Ultimately, BlockbusterDAO and others can appreciate the power of Hollywood’s elite and decentralize the industry.
Just yesterday, there was news of a new platform called FF3, which wants to give filmmakers a platform to fund films using NFTs. For investors, there will be a share of movie proceeds, as well as ownership of collectible NFTs that can be sold in the NFT market. The platform’s first project, “Dead of Winter,” is scheduled to launch later this month.
Secret price movement
At the time of writing, SCRT stock is up 1.14% to $8,723. A return to $10.00 levels would fetch $11.25 AUD on Friday. With the movie industry buzzing 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 become a major force in the movie industry revolution.