CNN, the popular TV news channel and digital media, will not resume the non-fungible token (NFT) and Web3 project announced in the summer of 2021. The company has confirmed. this in a statement Monday, saying, “we’ve decided it’s time to say goodbye to Vault by CNN,” the Web3 project mentioned. CNN initially launched the project as a six-week experiment of releasing digital or NFT collections of exclusive historical moments and new stories. However, the scope of the Vault was later expanded thanks to the participation and support from the community.
“The Vault team has been honored to collaborate with amazing journalists, producers, artists, photojournalists and collectors from around the world during our time together, but we decided that it was time to say goodbye to Vault by CNN,” the company said in a statement.
CNN adds that the Discord channel will close at the end of October. However, Vault’s website and NFTs already collected by users will continue to exist (on the Flow blockchain) and collectors will be compensated.
CNN adds: “While we will no longer develop or maintain this community, the Vault NFT collection will still exist. “To thank the thousands of collectors who joined us in this test, we are committed to compensating wallets that own Vault NFT.”
Meanwhile, the community seems to be rattled by the announcement, to the point where some collectors are accusing CNN of a “carpet pull”. As reported by CoinTelegraph, a CNN employee in The Discord of the ‘Vault’ mentioned that users participating in the NFT program will be compensated in one way or another. He noted that users who purchased NFT will be compensated with stablecoins or another token.
The staff mentioned that details are being worked on but emphasized that the company will only pay 20% of the mint price for each NFT back to the people who bought them. He mentions that the Vault marketplace will continue to function and that the collections will remain valid.
