Home Business CNN shuts down its NFT project “Vault”, users accuse it of scamming

CNN shuts down its NFT project “Vault”, users accuse it of scamming

by Chief editor

CNN reports on the closure of Vault, the NFT collection website of the same name
Users are promised compensation of up to 20% in FLOW or stabelcoins
The portal will continue to operate, but there will be no more new tokens
Collectors accuse CNN of fraud
Last year, CNN portal launched its own project called Vault. It was a marketplace where tokens from the collection of the same name were put up for sale. On Monday, 10 October, the magazine announced that it was scrapping the project, for which it received a barrage of criticism from users.

“Moments of history.”
The Vault project was launched in the summer of 2021. CNN positioned it as an opportunity for collectors to get themselves a “piece of history” in the form of exclusive magazine content.

The initiative was not unique, but against the background of the surge in demand in the NFT market, it paid dividends. A similar project, for example, was once announced by TIME magazine.

On the portal, users could exchange tokens and even make a profit from selling them. This helped to form a certain ecosystem, which now could simply collapse.

News of the liquidation and criticism from users
On the evening of Monday, October 10, the portal announced that it was saying goodbye to Vault. CNN thanked the artists and creators for their collaboration, noting that the site will remain available as a marketplace and a tool for browsing the collection. For the time being.

There will be no more new tokens. That said, CNN promises to compensate investors for the loss of 20% of the value of NFT in the form of FLOW or other stabelcoins.

CNN’s sudden decision sparked a flurry of criticism against the portal. The publication has been accused of fraud. Here’s a comment from a member of the Vault community, for example:

“Can you call the announcement of the escape a consolation for the thousands of users who were waiting for the promised growth in the future?”

Exactly how much CNN received from the project is unknown. In April, the magazine reported revenues of $300,000 from the initiative. But apparently, amid the crypto-winter, the portal no longer wants to support the project.

Related Posts

Leave a Comment