CNN Accused of Rug Pull as It Abandons Its NFT Project

CNN has ended its big Web3 project by announcing, "we have decided that it's time to say goodbye to the Vault by CNN." From a report: You may have already forgotten about it, but Vault by CNN launched in the summer of 2021 as a marketplace for its own NFTs (non-fungible tokens) that would "offer collectors the opportunity to own a piece of history." Sort of like NBA Top Shot except for media nerds instead of basketball nerds, it minted CNN reports of key events or artistic interpretations inspired by them, creating digital collectibles that owners could show off somehow or trade with others, like baseball cards. This idea apparently seemed more reasonable while cryptocurrency prices were sky-high, and headlines about NFTs didn't include phrases like "trading volumes collapse 97 percent since January peak." Things have obviously changed as the "crypto winter" settled in, although an April report by the Press Gazette said CNN had pulled in more than $300,000 from the sales. Reactions from the community included shock, disappointment, and a few posters saying they planned to contact their lawyers while accusing CNN of a "rug pull," which in crypto terms applies when a development team unexpectedly yanks support -- and funds -- from a project, leaving the people who bought in with nothing.

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