Was CNN a 'rug pull'?

NFT collectors have accused CNN of a “rug pull” after it abandoned its Web3 project. CNN has been accused of a “rug pull” after it suddenly shut down its Web3 project Vault by CNN, leaving collectors blindsided.

Should you buy a CNN NFT if you're a collector?

The news network has sparked outrage among collectors who paid thousands for non-fungible tokens sold by Vault, CNN’s own NFT marketplace, which was set up in 2021 to “offer collectors the opportunity to own a piece of history.” Investors could pay for digital ownership of CNN news reports or artistic interpretations.

Why did NFT shut down?

There was no specific reason given for the shutdown, but the Wall Street Journal wrote “NFT Sales Are Flatlining” on May 3rd of this year, and things haven’t improved since. On the other hand, Vault by CNN did manage to last about 16 times as long as the CNN Plus streaming effort that launched in March and died exactly one month later.

Is CNN a'rug pull'?

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.