CNN to Discontinue The Vault NFT Marketplace, Sparking Rug Pull Accusations

The vault is officially unplugged, even though new merch & NFT drops were promised as recently as last month.

CNN Discontinues The Vault NFT Marketplace, Gets Blamed For Rugpull

The Cable News Network, more popularly known as CNN, has decided call a wrap on its experimental Vault NFT project. The Vault NFT marketplace was initially intended to be a “six week experiment”, but expanded into a large-scale Web 3.0 project due to rising demand for NFTs. Ultimately, CNN has opted to bid farewell to the NFT platform that gave fans the opportunity to own a moment in broadcast world history.

The Crème de la Crème of News in the Form of NFTs

In basic terms, CNN’s Vault NFTs presented a chance for anyone to “own a piece of history”, as the news pieces that left substantial imprints on the world were immortalized as NFTs. For instance, the ‘Nelson Mandela Released from Prison’ original NFT piece quickly sold out, but the NFT marketplace still offers video NFTs of the first African-American President, Barack Obama, winning his re-election.

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The Vault NFT marketplace also played host to a series of War Stories, where the people of Ukraine could share their heartbreaking, horrifying war stories with pictures and postcards. While most of these NFTs are sold out, collectors can still acquire any of the remaining War Notes for around $500. One such NFT was submitted by a refugee family from Mariupol, whose War Note read: “Our family is from Mariupol and our city has been destroyed. We cannot ever go back there. And we will never see our friends and relatives again. We are praying for our city and for all of Ukraine.”

CNN Accused of Rug Pull by NFT Collectors

Despite the broadcast company’s claims that the NFT project was only a temporary experiment, it is clear to many that there were supposed to be more airdrops than were carried out in the first six weeks of its launch. Users on the exchange’s Discord have highlighted that the move certainly resembles a “rug pull”, expecially in light of the promises of upcoming products, such as new NFT drops and merchandise, which were made as recently as September.

Indeed, the decision has raised a lot of questions for NFT collectors, who hopped on Discord to express their discontentment with the situation. A CNN spokesperson has since stepped in to reassure perterbed collectors that the Vault intends to carry out “distribution of either Flow (FLOW) tokens or stablecoins deposited into each collector’s wallet”. According to the CNN representative, the cashback will be set at approximately 20%.

  • Despite pulling the plug on the NFT project, CNN disclosed that some of the platform’s functionality would remain active.
  • These features include The Vault NFT collection & future NFT drops, which will all go live on the Flow (FLOW) blockchain.

Why You Should Care

CNN’s NFT Marketplace gave people the opportunity to own a piece of broadcasting history, adding more social value to the NFT market.

Keep up to date with what’s going on in the world of NFTs:

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.