CNN discontinues Web3, NFT Project Vault

Ferdianto . October 13, 2022

Picture: Shutterstock

Techspace - CNN, a cable news network, has ended its web3 trial, the company announced in a statement on Monday night. Vault by CNN announced in a tweet that the decision had been made to "say goodbye" to the initiative. The change in location was not explained in detail.

Non-fungible tokens (NFTs) commemorating significant news events were made available to customers through Vault by CNN, which was launched last year.

The Vault team stated in the statement, "Vault was first launched as a six-week experiment, but the support and participation from our community let us expand this initiative into something much larger."

However, the news organization made it clear in its initial announcement last year that it expected the service to extend beyond the initial six weekly drops, promising that "future drops" would cover a wider range of subjects and formats "as Vault by CNN grows and adapts to its community of collectors."

Locals were astounded by how quickly the endeavor was shut down after the announcement. Some even referred to the action as a "mat force." Clients started to reveal themselves in the same way that Vault had been hinting about upcoming highlights and releases earlier in the month.

The "Rug Pull" Mockery

On Vault's Discord server after the announcement, the community voiced outrage at the project's abrupt termination, with some even labeling the action a "rug pull." Users noted that as recently as last month, Vault had been hinting at impending releases and features.

Documents uploaded on the project's website indicate that exclusive CNN bonuses and apparel would be available soon. A CNN employee using the Discord handle "Jason" indicated, in response to queries from irate collectors, that there would be some sort of "distribution" to make up for people who purchased NFTs.

The distribution will be made into each collector's wallet as either FLOW tokens or stablecoins, according to what he stated. We are still ironing out the technicalities, but we anticipate that each Vault NFT owned will receive a payout equal to about 20% of the initial mint price. He added that the collections would live on and the Vault Marketplace would remain active.

CNN Vault: History

Picture: NFT Gator

CNN stated that the project offers a potential for collectors to own a piece of history at the time of Vault's introduction in the summer of 2021. Additionally, it collaborated with company Infinite Objects to offer a limited number of customers display cases so they could showcase their purchases both physically within their homes and online at the Vault.

Users did not require any cryptocurrency to purchase an NFT because Stripe handled all payment processing; however, they did need to create a Blocto digital wallet in order to conduct transactions. The Flow blockchain was used to build the project. The NFTs covered a variety of subjects, from space launches to presidential elections. A recent partnership with Jeremy Fall's Probably Nothing honored Nelson Mandela's release from jail.

Although the amount of money earned by CNN from the project is unknown, it is most likely in the hundreds of thousands of dollars based on the initial auction pricing of sold-out NFTs.

Jason Novack, the chief of emerging items at the link organization, stated in April that "NFTs are opening entirely other chances that impoverished individuals did not have up until recently, including being serious regions of strength for generating income. The cable network's director of developing products, Jason Novack, said this in an interview with Business Insider in April: "NFTs are unlocking totally new possibilities that have not existed until very recently, including becoming a powerful source of revenue.

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