CNN announces an interruption of the 'Vault' NFT Marketplace, which users call it a 'Rug Pull.'

CNN announces an interruption of the 'Vault' NFT Marketplace, which users call it a 'Rug Pull.' ...

The popular television news channel and digital media outlet will no longer use its non-fungible token (NFT) and Web3 technologies announced in the summer of 2021. The company said on Monday that it has decided that it''s time to say goodbye to Vault by CNN. The Web3 project initially began as a six-week experiment of emitting digital collectables or NFTs of exclusive historical moments and new stories. However, the scope of Vault was later expanded owing to engagement and support from the community.

"We have met hundreds of people from all over the world, so we can say goodbye to Vault," the company said in a statement. will be shared with other users via our own news.

The Discord channel will be closed 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 developing or maintaining this community, the Vault NFT collection will live on," CNN said. "To thank the tens of thousands of collectors who partnered in this experiment, we are committed to compensating wallets that own Vault NFTs."

The announcement appears to be stuttering, even as some of CNN''s members are accusing the state of a "rug pull." A CNN employee in the "Vault" Discord stated that users who purchased NFTs would be compensated in one way or another.

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The staff explained that information is being discussed, but stressed that the company will only pay 20 percent of the mint price for each NFT back to those who purchased them. He said that the Vault marketplace will continue to operate, and that the collections would remain valuable.