CNN accused of rug pull as it abandons its NFT project

Image representing NFTs with pixelated blocks made up of purple squares.
Illustration by Alex Castro / The Verge

On Monday afternoon, as pointed out by Parker Molloy, CNN ended its big Web3 project by announcing, “we have decided that it’s time to say goodbye to the Vault by CNN.”

You may have already forgotten about it, but Vault by CNN launched in the summer of 2021 as a marketplace for its own NFTs (non-fungible tokens) that would “offer collectors the opportunity to own a piece of history.” Sort of like NBA Top Shot except for media nerds instead of basketball nerds, it minted CNN reports of key events or artistic interpretations inspired by them, creating digital collectibles that owners could show off somehow or trade with others, like baseball cards. This idea apparently seemed more reasonable while cryptocurrency prices were sky-high, and…

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