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October 13, 2022   Blockchain, Crypto, Digital Assets, Tokens, CBDCs, Metaverse, NFTs, Enterprise, FinTech and Alternative Finance, Fintech International, Fintech Services, Fundraising, Investing, Trading, Web3, Decentralization, DAOs   No comments

CNN Shutting Down NFT Project ‘Vault’ | Faces Accusations of an NFT Rug Pull

PC Gamer | Andy Chalk | Oct 12, 2022

CNN NFT image - CNN Shutting Down NFT Project 'Vault' | Faces Accusations of an NFT Rug Pull

Image: CNN

CNN says its Vault NFT program, which launched more than a year ago, was only a "six week experiment," and now it's closing.

  • CNN's foray into the world of NFTs has come to an untimely end with an announcement that Vault (opens in new tab), which promised to let users "collect NFTs of historic CNN moments and artistic representations," is closing.
  • Vault was launched in June 2021 as a repository for "digital collectibles"—NFTs—drawn from CNN's archives. The plan was to begin with six weekly drops including "key historical moments organized around specific themes including early CNN exclusives, world history, and Presidential Elections," followed by future drops featuring a wider range of topics.
    • "Tokenholders will be able to showcase and display their Moments on a user page in the Vault," the Vault website states. "Some limited edition sets will include a premium video display case that will render a physical representation of the Moment on a screen."
    • Naturally, there was also a promise of money to be made: CNN said Vault would "experiment with a variety of selling formats including both open editions and limited editions."

See:  A16Z Launches 6 New NFT Licenses Under ‘Can’t Be Evil’ Principle

  • It's not going much better on the Vault Discord (opens in new tab), where complaints of a rug pull and demands for refunds (and occasional threats of legal action) are common. Partial refunds apparently will be offered: Details will be announced later but Vault Discord admin Jason said in a message that they will be offered as either Flow or stablecoins valued at approximately 20% of the original mint price for each NFT owned. That hasn't gone over especially well either.

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NCFA Jan 2018 resize - CNN Shutting Down NFT Project 'Vault' | Faces Accusations of an NFT Rug PullThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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