- CNN announced the closure of the Vault site with the NFT collection of the same name
- Users are promised compensation of up to 20% in FLOW or stablecoins
- The portal will continue to work, but there will be no more new tokens
- Collectors accuse CNN of fraud
Last year, CNN launched its project called Vault. This is a trading platform where tokens from the collection of the same name are exhibited. On Monday, October 10, the magazine announced that it was curtailing the project, which received a flurry of criticism from users.
“Moments of History”
The Vault project was launched in the summer of 2021. CNN marketed it as an opportunity for collectors to get their hands on a “piece of history” in the form of magazine-exclusive content.
The initiative turned out to be not unique, but against the backdrop of a surge in demand in the NFT market, the portal received certain dividends. A similar project, for example, was once announced by TIME magazine.
Users on the portal could exchange tokens and profit from their sales. This allowed the formation of a particular ecosystem, which can now simply collapse.
News about liquidation and criticism of users
On Monday, October 10, the portal announced it was saying goodbye to Vault. CNN thanked the artists and contributors for their collaboration, noting that the site will remain available as a marketplace and tool to browse the collection. For some time.
There will be no more new tokens. At the same time, CNN promises to compensate investors for losses of 20% of the value of NFT in the form of FLOW or other stablecoins.
The sudden decision of CNN caused a flurry of criticism against the portal. The publication was accused of fraud. For example, here is a comment from one of the Vault community members:
“Is the message about the escape a consolation for thousands of users who were waiting for the promised growth in the future?”
How much precisely CNN received from the project is unknown. In April, the magazine reported $300,000 in revenue from the initiative. But, obviously, against the background of the crypto-winter, the portal no longer wants to support the project.
