CNN shuts Web3, NFT project Vault
U.S.-based media giant CNN has shut down its Web3 project – including a marketplace where people can buy NFTs of its news archives, the company announced on October 10.
In a statement shared on Twitter, Vault by CNN said it was time to “say goodbye” to the project.
“Vault was originally launched as a six-week experiment, but the support and engagement from our community let us expand this project into something much larger,” it said.
The media company launched Vault by CNN in June 2021 as a marketplace for NFTs linking to its news stories.
At the time, CNN said the initial launch would include six weekly drops of digital collectibles called “Moments” from its television archive, and users could “expect future drops of Moments to include an even wider range of topics and formats” as Vault grew its community.
The Vault team did not elaborate further on the reasons why they closed the project.
They said only that they had learned a lot from their first foray into Web3, and were excited to carry Vault’s concepts around community storytelling into future projects.
The decision has shocked the community as some internet users suggested that Vault had been teasing upcoming features as recently as last month. Some also expressed their frustration on Vault’s Discord server.