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CNN stamps NFT project again after 6 weeks – users suspect fraud

 


The major American news channel CNN announced in a tweet on October 10 that the company's NFT project was being put on hold just four months after its launch. Dubbed Vault by CNN: Moments That Changed Us, the project was conceived as a collection of Non-Fungible Tokens (NFTs) representing iconic headlines and associated moments from the news network's 41-year history.


In the statement on the sudden closure, CNN writes that the project was merely a "6-week experiment" and "first foray into Web3". Accordingly, the community around the project is no longer maintained. The NFT collection resided on the Flow blockchain, with CNN retaining “the copyright and ownership” of the respective NFT.


According to the official roadmap , it was actually intended that the developers would bring other features into the project, for example there should be "exclusive CNN bonuses for Vault collectors" and another function for users "the independent minting of CNN articles as a enable NFTs. On the Discord server dedicated to the project, a CNN contributor explains that users can get 20% of the original Mint price of their NFTs paid out in the form of a stablecoin or the FLOW cryptocurrency.


While there is considerable variation in the asking prices for CNN's Vault NFTs on its marketplace, many were originally mined for minimum amounts of up to $10. The planned repayments are unlikely to be profitable for most users. Accordingly, there are also critical voices regarding the closure on the Discord server, which has 1,400 users, as the user RichardRazo writes on behalf of:


"As an investor, I don't know if I'll at least break even in a few years. Can CNN explain how 20% is fair? Because in my opinion they seem to be hoping that in a few years we will break even or maybe even make a profit. If not, then the whole thing almost borders on fraud.”

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