CNN faces accusations of an NFT rug pull
pcgamer.comCNN's foray into the world of NFTs has come to an untimely end with an announcement that Vault(opens in new tab), which promised to let users «collect NFTs of historic CNN moments and artistic representations,» is closing.
«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,» Vault said in a message posted on Twitter.
«Vault was originally launched as a six-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.»
Vault was launched in June 2021 as a repository for «digital collectibles»—NFTs—drawn from CNN's archives. The plan was to begin with six weekly drops including «key historical moments organized around specific themes including early CNN exclusives, world history, and Presidential Elections,» followed by future drops featuring a wider range of topics.
«Tokenholders will be able to showcase and display their Moments on a user page in the Vault,» the Vault website states. «Some limited edition sets will include a premium video display case that will render a physical representation of the Moment on a screen.»
Naturally, there was also a promise of money to be made: CNN said Vault would «experiment with a variety of selling formats including both open editions and limited editions.»
This is the sort of thing CNN was offering for sale:
CNN said in the announcement that while Vault will no longer be developed or maintained, «the Vault NFT collection will live on.» Unsurprisingly, not
Read more on pcgamer.com
