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Need more evidence that the NFT craze is fading? CNN has thrown in the towel on Vault, the company’s NFT marketplace, after just one year. The company recently announced the shutdown of Vault without giving specific details, stating it was initially launched as a short experiment but grew into something bigger.
CNN introduced Vault in June 2021, selling NFTs named Moments, featuring CNN’s historical events. You could snag an NFT of a CNN report on George W. Bush’s re-election for $500. The Vault by CNN site is still operational, allowing NFT purchases, but its future is uncertain.
The NFT market has seen a significant decline, with sales dwindling and previously high-priced NFTs struggling to find buyers. OpenSea’s daily sales volume dropped to $10 million from its peak in early 2022. CNN’s venture into NFTs now seems odd, following the trend of companies joining the craze.
The news of CNN’s Vault shutting down has disappointed NFT buyers and traders, sparking anger and jokes on social media platforms. CNN plans to compensate collectors for 20% of the original mint price for each NFT, but the details are still being worked out.
Topics: Cryptocurrency
