On Monday afternoon, as pointed out by Parker Molloy, CNN ended its big Web3 project by announcing, “We have decided that it’s time to say goodbye to the Vault by CNN.”, The Verge reported.
Parker Molloy tweeted: “Just saw that CNN announced the end of its bizarre NFT market where they’d sell NFTs of news stories.”
CNN tweeted the following from its @Vaultbycnn account: “News of our own to share”. It was followed by a screenshot that provided an explanation:
Fellow collectors –
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 was originally launched as a 6-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.
At CNN’s core is a spirit of innovation and experimentation, going right back to our founding in 1980. We learned a lot from our first foray into Web3, and we are excited to carry Vault’s concepts around community storytelling into future projects.
While we will no longer be developing or maintaining this community, the Vault NFT collection will live on. Head over to our Discord server for more on that.
Thank you for joining us for a great year of journalism, art, and community.
– Vault by CNN
According to The Verge, the Discord channel for CNN’s NFT project informed owners that while the Vault website will “undergo changes,” it will remain available for them to view their collections and use its marketplace. Reactions from the community included shock, disappointment, and a few posters saying they planned to contact their lawyers while accusing CNN of a “rug pull”, which in crypto terms applies when a development team unexpectedly yanks support – and funds – from a project, leaving the people who bought in with nothing.
The Discord message also informed holders of CNN’s plan to “burn” unsold NFTs, which it says will make the ones they hold rarer, and thanked collectors for joining the “experiment.” CNN publicist Garett Cowan tells The Verge that the six-week experiment mentioned in the message was an internal test leading up to the June 2021 public launch.
For what it’s worth, The Verge reported that Vault by CNN lasted 16 times as long as CNN Plus.
Personally, I have no interest in spending money on NFTs. That said, I am aware that there are people who want to buy them. It seems reasonable that some of the people who bought NFTs from CNN are upset about the abrupt ending of Vault by CNN.