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By Staff Reporters
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CNN was just accused of a “rug pull” after it suddenly shut down its Web3 project Vault by CNN, leaving collectors blindsided. The news network sparked outrage among collectors who paid thousands for non-fungible tokens sold by Vault, CNN’s own NFT marketplace, which was set up in 2021 to “offer collectors the opportunity to own a piece of history.” Investors could pay for digital ownership of CNN news reports or artistic interpretations.
Members were told that the company had decided to end what it said was originally a “6-week experiment” and that they would be compensated “pro rata based on the total purchase price of each wallet’s NFTs according to a snapshot taken on October 6, 2022.” A separate message from CNN staffer “Jason” confirmed that this would amount to “roughly 20% of the original mint price for each Vault NFT owned.”
Developers also added that the NFTs would remain under the ownership of those who bought them, and that the website would remain open to be used as a marketplace so that collections could still be viewed. Additionally, unsold NFTs are to be burned, making the remainder “rarer.”
READ: https://gizmodo.com/cnn-nfts-vault-1849642160
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Filed under: Alternative Investments, Breaking News | Tagged: CNN, NFT, NFTs, NTFs MARKETPLACE: Put Down by CNN |
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