Tuesday, September 26, 2023
HomeNFTCNN shuts down its NFT collection barely 4 months after launch

CNN shuts down its NFT collection barely 4 months after launch

Multimedia company CNN has announced that it will be closing its non-fungible token (NFT) collection after four months of operation. The notice was made public through his Twitter and the project’s Discord channel, sparking a wave of anger among community members.

The collection, titled Vault by CNN: Moments That Changed Us, will launch in June, tokenization A historic moment in the news network’s 41-year history. Digital collections were created on the Flow network to immortalize moments of global events such as the US presidential election and the moon landing.

Vault was initially intended as a six-week experiment by media organizations, and initial engagement was positive, prompting the team to scale the project to a full launch, according to a team statement. After four months, however, the initial enthusiasm seemed to wane and the team was forced to close the curtain on the project.

“Although we will no longer develop or maintain this community, the Vault NFT collection will live on,” the statement read, pointing out the immutability of distributed ledger technology. The user is expected to receive his 20% of the original mint price of the digital collection over the next few days.

“Distribution will be in FLOW tokens or stablecoins deposited into each collector’s wallet. Details are still being finalized, but the distribution amount will be approximately 20% of the original mint price for each Vault NFT owned. We expect it to be,” said Discord staff member Jason.

When the curtain falls, users complain of foul play

Vault users blame discrepancies in asking prices for collectibles on the market, as many collectibles are minted at around $10.Others have tagged the event pull the rug Investor hopes can even seem bleak.

“Can you share why CNN thinks 20% is fair? Right? If not, this sounds like ragpool.

NFTs have recently come under pressure with subpar trading volumes, in contrast to the staggering numbers of 2021.series of hack Number of popular marketplaces and collectibles at risk of losing their NFT luster in 2022.

Meanwhile, the Securities and Exchange Commission (SEC) Boad Ape Yacht Clubbecause NFTs pass as securities and fall within the scope of securities laws.

Watch: BSV Global Blockchain Convention Presentation, Buzzmint: Elevating NFTs

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