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CNN’s NFT Platform Shuts Down, Users Are Angry – NFT Plaza

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Last year, CNN entered the NFT space by launching ‘The Vault by CNN’, an NFT platform where major news moments were sold as NFT. Just like marketplaces like NBA Top Shot sell the best sports moments as NFTs. But now, nearly a year after it launched, CNN has shut it down.

“We’ve decided it’s time to say goodbye to Vault by CNN,” the letter said. No official reason was given for the shutdown, although the response from users of the platform was overwhelming negative.

Just like when an NFT or blockchain project folds, people who have already spent money on NFTs sold CNN have been concerned about their investment. Some consider this a ‘rage pull’, a situation where a project developer takes investors’ money and subsequently closes the project.

But CNN tried To control damage So far, one activist has complained that CNN will compensate users based on the value of their assets.

“The distribution will be either FLOW tokens or stablecoins deposited into each collector’s wallet. We are currently working out the details, but expect the distribution amount for each Vault NFT owned to be around 20% of the original mint value.” the statement said.

But this did not quell complaints, with many pointing out that they would still suffer only 20% compensation.

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*All investment/financial opinions published by NFT Plaza are derived from the personal research and experience of our site moderators and are intended as educational material only. Individuals should do thorough research on any product before making any type of investment.



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