CNN shuts down its NFT collection barely 4 months after launch

CNN shuts down its NFT collection barely 4 months after launch

Multimedia outfit CNN has announced that it will shut down its collection of non-fungible tokens (NFTs) after four months of operation. The announcement was released via Twitter and the project’s Discord channel, sparking a wave of anxiety among community members.

Titled “Vault by CNN: Moments That Changed Us,” the collection was launched in June and featured the tokenization of historic moments in the news network’s 41-year history. The digital collectibles were imprinted on the Flow network and immortalized moments from US presidential elections and world events such as the moon landing.

The statement from the team noted that the Vault was originally intended to be a six-week experiment of the media equipment, and the initial engagement was positive and encouraged the team to expand the project to full launch. Four months later, however, the initial enthusiasm seems to have dissipated, forcing the hand of the team to pull the curtain on the project.

“While we will no longer develop or maintain this community, the Vault NFT collection will live on,” the statement said, pointing to the immutability of decentralized ledger technology. Users are expected to receive 20% of the original price of the digital collectible in the coming days.

“The distribution will be either FLOW tokens or stablecoins deposited into each collector’s wallet. We are currently working on the details, but expect the distribution amount to be approximately 20% of the original coin price for each Vault NFT owned,” said Jason, an employee at Discord.

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Users are crying foul about the curtains falling

Vault users have decried the discrepancy in the asking price of the collectibles on the market, as many of them were minted for around $10. Others have branded the event a blanket sweep with the hope that investors will be able to look gloomy.

“Is CNN able to share why they think 20% is fair because, to me, that means that hopefully they think we can break even or make money within a few years, right? If not, this seems like a blanket pool, says RichardRazo, owner of the digital collectibles.

NFTs have come under pressure recently with transaction volumes below par in contrast to the meteoric numbers of 2021. A series of hacks of popular marketplaces and collectibles have threatened to dampen the shine of NFTs in 2022.

Meanwhile, the Securities and Exchanges Commission (SEC) has opened investigations into the activities of Yuga Labs, the creators of Bored Ape Yacht Club, on the grounds that the NFTs could pass as securities and fall under securities laws.

See: The presentation of the BSV Global Blockchain Convention, Buzzmint: Elevating NFTs

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