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CNN recently pulled the plug on its crypto experiment “Vault by CNN,” but says the project’s specialized NFT collection “lives on”.
Cable News Network (CNN) has discontinued its “Vault by CNN” Web3 experiment. In a Monday Twitter statement, the multinational cable news channel confirmed the news without providing any specific reason for pulling the plug. Part of the statement read:
“The Vault team is honored to have partnered with amazing journalists, producers, artists, photojournalists, and collectors from all over the world during our time together, but we have decided that it’s time to say goodbye to Vault by CNN.”
In addition, the Vault by CNN statement also read:
“Vault was originally launched as a 6-week experiment, but the support and engagement from our community let us expand this project into something much larger. Thank you to each of you for your interest and engagement in what we built together.”
CNN also stated that its Vault NFT collection will live on despite the discontinuation of its Web3 experiment.
In the aftermath of the shutdown, some users are referring to the closure as a “rug pull”. This is especially so because the Atlanta-based company had promised more non-fungible token (NFT) drops.
NFTs commemorating significant news events were available to customers through Vault by CNN during its active phase. The Vault team explained that this development sparked greater community support and engagement, which resulted in a project expansion. This same rousing community reception also compelled CNN to plan its “future drops” into a wider range of topics and formats.
CNN Vault Crypto Experiment
Vault by CNN launched last year and had been teasing upcoming features and drops as recently as last month. For example, exclusive CNN perks and merchandise listed on the project website’s documents show the words “coming soon”. In response to queries posed by disgruntled collectors, a CNN staffer on Discord confirmed that there would be compensatory measures for NFT buyers.
According to the CNN staffer, the compensation would be stablecoins or FLOW tokens. The staffer also confirmed that each collector will receive direct deposits into their wallets. In addition, the person specified that CNN is currently working out the details. Nonetheless, the amount distributed would be approximately 20% of each NFT’s original mint price.
When Vault launched in 2021, CNN said that the Web3 experiment was an opportunity for collectors to own a piece of history. At the time, the project also worked with the startup Infinite Objects to present buyers with display cases to show off their purchases. Such exhibitions were available in the buyer’s homes and on their Vault user pages. The NFTs displayed various disparate items, ranging from presidential elections to launches into space. In fact, a recent commemorative piece featured the release of Nelson Mandela from prison.
Vault customers did not require crypto to purchase NFTs because payments were possible via Stripe. However, they had to create a digital wallet with Blocto to make transactions.