CNN’s Journalism NFT Collection Collapsed, Water Is Also Wet

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Credit: CNN/Getty Images

As crypto markets and tech stocks continue to struggle with the recovery from the slide into red territory, another large-scale project in the nascent world of Web3 is being shut down, with CNN announcing via Twitter that his Skip NFT collection will not continue its development.

The vault was an NFT collection, presented to potential buyers as a chance to collect historic CNN moments and/or artistic representations thereof. For example, a buyer might own an NFT of CNN’s feed covering when the network announced that George W. Bush would win the presidential election.

This was an experiment that essentially meant that NFT buyers would own the news on the network. This seems like a pretty flawed concept, given that the primary use of NFTs in Web3 in its current state is to claim ownership of digital art, which perhaps has some utility in other mediums such as the metaverse or video games.

A clip from a news story seems like a pretty dumb investment by comparison, but we digress – we’re not financial advisers here.

However you feel the vault, it will be no more. It lasted longer than even CNN expected, having originally been set up as a six-week experiment.

Those who purchased NFTs from The vault collection will still retain ownership of these assets, but there will be no new NFTs produced and there will be no ongoing development or support for existing owned assets.

If you would like to consider buying an NFT of this news, contact us on Twitter. It will just be a scrolling screenshot in the article, or maybe even just a PNG file. We heard that might be a good idea.

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