On October 10, CNN discontinued its big Web3 project as collectors who made purchases of NFTs from Vault by CNN have been placed in a difficult position after the news provider made the unexpected decision to terminate the initiative.
CNN said that Vault was first started as a six-week experiment; but, due to support and interaction from the community, it was able to evolve into something broader. Some members of the community claimed that this information was news to them. But from this point forward, neither the development nor the maintenance of that community will be undertaken.
The NFT versions of CNN’s reporting on significant events like space shuttle launches and presidential elections were made available for purchase on the Vault by CNN marketplace when it first opened its doors in the summer of 2021. Additionally, it offered artwork that was influenced by recent news stories.
In April, Press Gazette calculated that Vault by CNN had gained $324,000 from the 28 highest-priced NFT runs on the marketplace before fees. Despite the fact that CNN refused to speak to the media on its financials, the amount was published.
Collectors will receive part of those dollars back, but it won’t be enough to put a stop to the discussion on the Discord channel about getting legal representation. Jason, a fundamental member of the Vault by CNN team and a Discord moderator, has verified that a partial refund would be sent in the form of FLOW tokens or Stablecoins.
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