CNN Abruptly Halts ‘Vault by CNN’ NFT Experiment

CNN Abruptly Halts ‘Vault by CNN’ NFT Experiment

Multinational channel Cable News Network (CNN) has decided to put an end to its alleged Web3.0 experiment tagged ‘Vault by CNN’.

In turn, this decision has sparked an uproar amongst its community especially those who purchase the Non-fungible tokens (NFTs) from Vault by CNN. Many of them have come out to suggest that this move by CNN was definitely a rug pull.

Binance Academy defines a rug pull in the crypto industry as a situation ‘when a development team suddenly abandons a project and sells or removes all its liquidity’

Vault by CNN launched in the summer of 2021, serving as a marketplace for NFTs that depicts a part of history.

These tokens held historic artistic interpretations which helped their holders reflect on world events. Invariably, the Web3.0 project sparked community conversations about world events. It offered collectors the opportunity to own a part of history.

According to CNN, Vault by CNN was originally launched as only a 6 weeks experiment.

The channel claimed to have expanded the Web3.0 experiment into a bigger project after it received enormous support and engagement from its community. However, there will be no need to develop and maintain the community any further as it is saying goodbye to the project, Vault by CNN tweeted.

The channel has promised to partially refund its holders in FLOW tokens or Stablecoins. Discord moderator and Vault by CNN core team member Jason said “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.”

Markedly, no reason was given for the unanticipated decision of CNN. When the project launched, its topics centered around significant events like space shuttle launches, presidential elections, and a host of others. Thereafter, the channel promised that it was going to expand to include a wider range of topics and formats during its ‘future drops’.

The aforementioned statement clearly suggests that the project was scheduled to run for more than 6 weeks as CNN claims. One of its community members who goes by the moniker @JohnnySat0shi went as far as putting up the roadmap that the project had given as the flowchart of its experiment.

In his argument, “This doesn’t look like a roadmap for a 6-week experiment.” @JohnnySat0shi stated that a 100% refund be issued to all Vault by CNN collectors and holders of the collection.

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