What we can learn from CNN closing down their 'Vault' NFT project.
You know what the Web3 community loves? Dying legacy media brands.
...no? Our bad.
In that case, this might be news to you: (until Tuesday) CNN had an NFT project, called 'Vault.'
The idea behind the project was to let people buy historical moments from their archives.
(Like footage of when Ted Turner launched CNN).
However, they recently announced that the project was closing down, claiming the whole thing was just an extended experiment.
But the community ain't buying the excuse, claiming that the closure came out of nowhere and will effect resale value:
So, that sucks...what's the takeaway?
The team (and intent) behind a project is vital.
This felt like a bit of a ‘bandwagon project.’ It had no utility or real value in its long term roadmap.
The CNN team disputes this by claiming it was ‘a 6-week experiment’ that they decided to continue. Which may be true, or maybe they simply didn’t want to fall behind the times so they rushed into launching it.
As a buyer, diving in head first can be a rush! But throughly vetting a project before you buy-in can mean a whole lot less pain in the future.
Legacy companies entering the Web3 space is great for broader adoption - but it has to be done well, and for the right reasons.
Ok, that's it. That's all we learned.
