- CNN announced that they are dropping the Vault, their Web3 project launched in the summer of 2021 as a marketplace for its own NFT.
- The project would offer collectors an opportunity to own a piece of history similar to the NBA Top Shot but minting CNN reports of key events.
- Owners will still be allowed to view their collections and utilize its marketplace.
- CNN shares a plan to compensate the collectors who onboarded CNN for this experiment.
In a recent announcement shared on the official Twitter account of Vault by CNN, it has been revealed that CNN is planning to drop the development of its Web3 marketplace that sells collectible Moments associated with major news events. This has surely come to users as bad news as they have already spent thousands of dollars on the projects and were sold exclusive access and features yet to come.
News of our own to share pic.twitter.com/qcxaDXNRYO— Vault by CNN (@vaultbycnn) October 10, 2022
CNN marked the end of its massive Web3 project on Monday while announcing that they have taken the decision to say goodbye to the Vault by CNN. Vault by CNN was a project launched as a marketplace for its own NFTs in the summer of 2021 that would offer collectors the opportunity to own a piece of history.
Well, the crypto winter is certainly the key role player in this decision of the company, as the idea behind Vault by CNN seemed more reasonable at the time when the prices of cryptocurrencies were sky-high.
In addition to this, it should be noted that the Vault website will continue to undergo changes, but it will remain available for them in order to view their collections and utilize its marketplace. Moreover, it was disclosed that CNN has plans to compensate thousands of collectors who were a part of this experiment by CNN.
The distribution will either be in the form of FLOW tokens or stablecoins deposited into the wallets of each collector. CNN is currently working out releasing the details but expects the distribution amount to be approximately 20% of the original mint price for each Vault NFT owned.
Well, this clearly didn’t seem enough to put collectors at ease after they expected the tokens published by CNN would attract more support than many shadier NFT projects.