The popular TV news channel and digital media outlet will no longer operate its non-fungible token (NFT) and Web3 project announced in the summer of 2021. The company said on Monday that it''s "time to say goodbye to Vault by CNN," the Web3 project. It initially began the project as a six-week experiment of distributing digital collectables or NFTs of exclusive historical moments and new stories. However, the scope of Vault was later expanded as a result of community involvement and support.
"The Vault team is honoured to have worked with fantastic journalists, photographers, photographers, and collectors from all over the world during our time together, but we have decided that it''s time to say goodbye to Vault," the company said in a statement.
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The Discord channel will be shut by the end of October, according to CNN. However, the Vault''s website and NFTs already collected by users will continue to be live (on the Flow blockchain), and collectors will be compensated.
"While we will no longer be repairing or maintaining this community, the Vault NFT collection will live on," CNN said. "We are committed to compensating wallets that own Vault NFTs," says the author.
According to a CoinTelegraph reports, a CNN employee in the ''Vault'' Discord said that users who purchased NFTs would be compensated in one way or another. He said that users who purchased NFTs would be compensated with stablecoins or another token.
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The employees stated that the project is being undertaken, but stressed that the company will only pay 20 percent of the mint price for each NFT back to those who purchased them. He stated that the Vault marketplace would continue to function, and that the collections would remain valuable.