CNN stops selling NFTs

The American news channel CNN stops selling NFTs. That has been announced by the channel. CNN started the project about a year and a half ago, where users could purchase NFTs of news events.

CNN says according to Parker Molloy that it was initially a six-week experiment, but according to The Verge the broadcaster has not said that openly before. According to a previous report, CNN has made approximately $300,000 from NFT sales through April.

The project, that is still live and called Vault, was supposed to allow users to buy NFTs from news events to collect, display and trade them. CNN won’t say why it’s stopping. The market for NFTs cooled down last year. CNN is one of the first large companies to stop its own NFT initiative.

It is unknown how many users have NFTs from CNN. The files themselves are ipfs files, so they will continue to exist even if the CNN website no longer hosts them. Users also get stablecoins back as compensation. That will be about 20 percent of the monetary value of those NFTs.

CNN Vault, October 2022