CNN Closes NFT Projects, Disappointed Investors Because It Only Looks Like Rug Pull

CNN's NFT product was disappointing. (photo: doc. pixabay)

JAKARTA - US-based multimedia outlet CNN announced in a tweet on October 10 that it will close its nonfungible token (NFT) project less than four months after its launch.

The token, dubbed Vault by CNN: Moments That Changed Us, the collection includes a series of iconic news moments from CNN's 41-year history, along with safes to buy, store, and display NFTs.

In explaining the decision, CNN said Vault was a "6-week experiment" and "first attempt to Web3." However, the company "will no longer develop or defend this community." This collection was originally printed on blockchain Flow, while CNN maintains copyright and ownership of content.

According to the official roadmap, developers should implement new features such as CNN exclusive facilities for Connect collectors and made your own NFT CNN article. On the project Discord server, CNN staff member Jason said that users would receive 20% of the original mint price of the NFT token in the form of stablecoins or FLOW tokens deposited into collectors' wallets.

Despite the significant difference between the asking price of the niche by CNN NFT on its market, many of those scored for just $10 initially, suggesting very few pauses for NFT holders based on proposed replacement plans.

Meanwhile, many users in the more than 1,400 Discord community of the project have voiced their disapproval of the decision.

A person with the account name Richard Razo, quoted by Cointelegraph wrote: As an investor, I don't know if I can expect to reach a break-even point in years. Can CNN share why they think 20% is fair because, to me, it implies that they hope we can reach a break-even point or make a profit in a few years, right? If not, then it's like a carpet drop."