CNN Is Going To Shut Down Its Marketplace For Non-Fungible Tokens

CNN, a multimedia outlet based in the United States has made an official announcement related to its marketplace for non-fungible tokens.

CNN Shutting down NFT Marketplace

The multimedia outlet officials took to Twitter to make an official announcement confirming they are shutting down the marketplace for non-fungible tokens.

This is alarming news both for the non-fungible token as well as the entire cryptocurrency industry.

For the NFT sector, it indicates that the non-fungible token industry is losing its limelight. On the other hand, it indicates that the cryptocurrency industry is losing its adoption in the mainstream sector.

It was only a few months back CNN launched a new NFT marketplace for the cryptocurrency community. CNN had attempted to launch its own collection for NFTs that it dubbed “Vault by CNN”.

In the collection, the users could find iconic news moments in the form of tokens that depicted the 41-year history of CNN. The users could interact with the platform to display, store, and purchase NFTs.

Within four months of launching the NFT marketplace, CNN announced that it is shutting it down.

6-Week Experiment

While making the announcement via Twitter, CNN officials revealed they had launched the NFT marketplace as a “6-week experiment”.

They had decided that it was going to be their first attempt at Web3 technology. They wanted to explore the Web3 sector and now they have experienced what it is like interacting with users in the particular world.

CNN officials revealed that they had already planned that they would launch the marketplace as an experiment. Therefore, they would not maintain or further develop the particular community.

The team also confirmed that they had the Flow blockchain mint the NFTs for their own collection. However, CNN claimed that the collection was under their ownership and that they hold its copyrights.

Therefore, the users will not be able to access the collection through the Flow blockchain.

Contributions from Developers

One of the staff members at CNN Jason revealed that the purpose of launching the NFT collection was to bring in developers to their platform.

It was expected that the developers would participate in the marketplace by adding new features to the collections offered by CNN.

This would allow the developers to receive 20% of the non-fungible tokens’ original mint price. The users would receive them in the form of FLOW tokens or stablecoins.

These digital assets would be deposited in the wallets of the NFT collectors and developers alike.

Although CNN  has tried hiding its real disappointment the fact stays that the NFT industry is also feeling a great impact due to the crypto winter.

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