2CNN is shutting down its NFT platform, 'The Vault,' after just over a year of operation. Despite the crypto and NFT markets experiencing significant downturns for much of this year, CNN was running a moderate, relatively under-the-radar NFT initiative that was the media outlet's first web3 venture.

Amidst almost half a million dollars in total sales from NFT releases on the platform, CNN is discontinuing the service and 'vaulting The Vault.' Let's take a look at why the media behemoth is doing so.

A Case Study

When CNN announced its first collection, 'Moments That Changed Us,' while Fox Entertainment was debuting NFT initiatives, we covered it. At the same time, other reputation media companies have had relatively limited progress in web3 and NFTs (exceptions include TIME Magazine and their 'TIMEPieces' work).

Other news organizations, such as the Associated Press, have followed suit, but with little success. CNN's collectibles platform made use of the Flow blockchain.

The Reactions Begin

On Tuesday, the platform's Discord stream reportedly informed users that the platform would undergo changes, and the project's Twitter Page channel then announced the shutdown.

The collectibles are expected to remain accessible via the Vault site, but engaged maintenance and future releases appear to be over. Members of the Discord and Twitter communities were outraged by the team's handling of the situation. The Vault communication channels were still building hype around an upcoming release next month, titled the 'Art of Voting' collection. The marketplace site has yet to mention a shutdown.

The news comes on the heels of a brutal day for crypto on Tuesday, which included two powerful hacks, reports of SEC interrogations into NFT conglomerate Yuga Labs, and other bear-market fuel that hit the wire this way week. Critics of 'The Vault' had called the final chapter a rug pull, claiming that CNN is just another traditional web2 publication that seeks to take advantage of customers and that the platform is going back on its word by referring to the project as an experiment when it didn't previously describe as such.

Do you think ‘The Vault’ was purposely shut down to stop the allegations from spreading? Let us know your thoughts by sharing this article on social media.

Posted 
Oct 12, 2022
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