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cnn-in-hot-water-with-investors-after-canceling-its-weird-nft-project

CNN In Hot Water With Investors After Canceling Its Weird NFT Project

By BizTech Weekly Oct 12, 2022

CNN was an early corporate adopter of non-fungible tokens (NFTs) and now, in an on-the-nose reversal, has joined the many that have dropped their crypto-fied projects as the market continues its months-long slump. Investors in the NFT experiment, dubbed ‘Vault by CNN’ upon its release as an article-as-token marketplace in 2021, are royally pissed off now that the project is going belly-up. In at least one message, Vault by CNN Discord users charged the project with ‘rug-pulling,’ a crypto term that means exactly how it sounds: when the people behind a given asset talk up its value, only to cancel it at the last minute, essentially pulling the rug out from under investors. . . .

Read more at futurism.com

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