On October 10, CNN, a US-based media outlet, tweeted that it would end its nonfungible token (NFT) experiment less than four months after it had begun. The collection, titled “Vault by CNN: Moments That Changed Us,” includes a number of tokenized significant news events from CNN’s 41-year history, as well as a vault to buy, store, and exhibit the NFTs.
CNN provided an explanation for the choice and stated that Vault was a “first excursion into Web3” and a “6-week experiment.” It will “no longer be building or managing this community,” nonetheless. CNN “retain[s] copyright and ownership over the material” as it was initially created on the Flow blockchain.
Vault urged users to visit its Discord channel to learn more about what closing its platform implies for collectors in its statement. As a result of the action, some have accused CNN of planning a rug pull, a form of cryptocurrency scam in which the perpetrators abruptly cancel a project and steal investment funds. Others expressed disappointment with the claims of long-term benefits for holders, such as special benefits, goods, upgrades, and discounts on upcoming drops.
Approximately 20% of the tokens’ original mint price will be paid to collectors over the upcoming weeks in either stablecoins or FLOW, the native token powering Flow, according to CNN staff member “Jason” on the Discord chat.
According to Vault’s Discord announcement, users can still trade their NFTs on Flow-compatible marketplaces and other dapps in the ecosystem.
