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CNN announces details behind the suspension of its NFT project

CNN

TL;DR Breakdown

  • CNN announces details behind the suspension of its NFT project
  • The company plans to compensate buyers
  • Users show displeasure at the move

CNN has announced that it is going back on the project, which was supposed to usher it into the crypto sector. The cable news network stated that its Web3 experience would no longer go as planned. The company’s breaking news on Twitter said that the decision-makers had decided to say ‘Goodbye’ to the project. However, the announcement on Twitter did not enter into any further details.

CNN plans to compensate buyers

CNN created the Vault in 2021 as an NFT project that will see users purchase NFTs that commemorate major breaking news events worldwide. The details from CNN mentioned that the project was initially billed to last just six months, but the massive support over that period made it something bigger.

The statement also mentioned that the company was honored to have teamed up with journalists worldwide to achieve the little they had. However, it was time to call time on the project. The company also clarified that it has gained a lot from its entrance into the Web3 ecosystem and would use that experience to ensure that its future projects in the ecosystem are better. The statement clarified that the Vault NFT would continue to thrive, and interested users can get more information about it on its discord.

Users show displeasure at the move

There has been a massive outcry by users in the NFT market, with some tagging it as a rug pull by the news platform. When the company floated the idea last year, it maintained that it expected the Vault to extend beyond the six months scheduled for the test. It also promised users it would make weekly drops of major breaking stories. Some users also claimed that up until last month, CNN had been testing some significant features.

However, a staff of the CNN discord has mentioned that users involved in the NFTs will be compensated in one way or another. He noted that users who bought NFTs would be compensated with stablecoins or another token. The staff mentioned that details are being worked on but stressed that the company would only pay 20% of the mint price for each NFT back to those that bought them. He mentioned that the Vault marketplace would continue functioning, and the collections would remain valuable. During the Vault launch, the company teamed up with many start-ups to bring this project to life.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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