- Vault by CNN will stop managing the NFT project community created by them.
- The Vault’s NFT collection consisted of historic CNN moments and interpretations from digital artists.
- Many Twitter users claimed that this move by Vault was a “rug pull” decision.
Today, Vault by CNN tweeted that they will stop developing and managing the NFT project community created by the media house. Even though CNN claimed that the Vault project will not be continued, the media house confirmed that the NFT collection will “live on”.
News of our own to share pic.twitter.com/qcxaDXNRYO— Vault by CNN (@vaultbycnn) October 10, 2022
Vault by CNN was launched in 2021, as a marketplace that consisted of the media house’s own NFT collection. The Vault’s NFT collection consisted of historic CNN moments and interpretations from digital artists.
Many Twitter users claimed that this move by Vault was a “rug pull” decision.
According to a report by Verge, CNN stated on Discord that it plans to compensate collectors who joined the media house NFT collection. CNN will compensate the collectors based on the purchase price of each wallet’s NFTs as captured on October 6.
One of the CNN staffer, Jason, stated on Discord:
The distribution will be either FLOW tokens or stablecoins deposited into each collector’s wallet. We are currently working out the details, but expect the distribution amount to be roughly 20% of the original mint price for each Vault NFT owned.
Furthermore, Jason explained that the NFTs are stored in IPFS (InterPlanetary File System), a distributed file system that will continue to be available even if CNN’s website goes away.
In April, a study by Press Gazette analyzed that news publishers have sold nearly $12 million worth of NFTs in March 2021. Times had the most successful NFT sales operation compared to other news publishers, raising $10 million.
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