CNN’s NFT Marketplace ‘Vault By CNN’ Appears on Twitter publication It’s closed, causing a backlash in the community.
Some accused CNN of carrying out the carpet pulling, while others said they would take legal action against the new company.
Vault CNN’s promising start fades as crypto winter settles
The marketplace launched in the summer of 2021 amid the NFT boom, promising to “offer collectors the opportunity to own a piece of history.”
Buyers were able to purchase collectible “moments” related to major news events, historical moments, and artistic renditions of archival media. NFT came with utilities such as a dedicated his Discord conversation, Vault artist chat archive access, and collector-only articles.
The marketplace also promised collector-exclusive CNN rewards, Vault goodies, and discounts on future Vault drops.
The abrupt closure of the market means that promised functionality will not be delivered to users who have already spent thousands of dollars on NFTs. Ahead of the shutdown, CNN said he generated $328,700 from his first NFT sale in June 2021. Newspaper reports.
The most expensive NFT sold through Vault was a $500 video clip of CNN predicting various presidential election wins.
community reacts
Community members expressed their surprise and disappointment at CNN’s decision via Vault’s Discord channel. A message was posted there informing owners that the Vault website was “subject to change,” but that owners could still view NFTs and use their marketplace.
This means that the NFT’s actual media is stored on IPFS. This is a distributed file system that allows NFTs to remain available even when her website on CNN is gone.
Holders have accused CNN of “rag-pulling,” with one member pointing out that many holders participated in the NFT drop in hopes of “completing challenges and generating utility.”
He added that CNN teased various utilities a month ago, including future IRL, discount tokens for Vault by CNN NFTs, and probably nothing before “pulling the rug soon.”
A CNN staffer named “Jason” said CNN owner Vault will participate in the “experiment” with about 20% of the distribution, based on the purchase price of NFTs in each wallet captured on Oct. 6. said he expected to be compensated for 2022.
Compensation details are still being worked out, but CNN has confirmed that the distribution will be in FLOW tokens or stablecoins.
