While the tokens of the collection were selling rather well, CNN made a sensational announcement and surprised all the owners. If so far the digital sector has frightened many people, the action of the famous American chain discredits an already unstable area.
CNN says goodbye to Vault, its NFT project
The turbulence is linked in the crypto sector, and nothing seems to want to put an end to it. As investors swirled around CNN’s NFT collection, the channel announced on Monday that it was winding down its major Web3 project. According to statements by Parker Molloy, CNN has decided to say goodbye to Vault, its NFT collection which sold “Moments”.
let’s remember that Vault by CNN launched in 2021 as a marketplace for its own NFTs. These allowed collectors to own a piece of history. However, the story did not last long, since some time later, the bear market took hold.
Indeed, the Press Gazette announced in April that CNN had withdrawn $300,000 from sales, and the tumble didn’t stop there! The negative reactions followed after the announcement of the restructuring of the Vault website. Although executives said collectors would still be able to see its market and check out their collections, collectors were outraged.
Between confusion, disappointment and shock, community members immediately accused the channel of rug-pulling. Just last month, CNN encouraged collectors to buy ever more tokens. According to the chain, this was the only condition to access the benefits of the collection. So far, we still do not know the precise reason behind this closure.
Even though Vault by CNN lasted much longer than its streaming effort, that doesn’t change the opinions of the community. Nevertheless, the chain intends to compensate all the participants of this experiment. The amount of the distribution will be approximately 20% of the original price of each NFT Vault held until October 6.
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