CNN has announced that it will shut down its NFT marketplace and issue a 20% refund to all buyers. This move comes as the prices of NFTs have begun to crash, with some assets losing up to 90% of their value. The news network had launched its NFT marketplace just a few weeks ago. allowing users to buy and sell digital assets such as articles, videos, and images. CNN had also partnered with blockchain startup Civil to launch the platform. However, with the recent crash in prices, CNN has decided to pull the plug on the project. In a statement, the company said that it “does not want to be associated with an asset that is so volatile.” This is a big blow to the NFT industry, which had been gaining mainstream traction in recent months. There are many Bitcoin facts that you need to know if you want to trade Bitcoin. It remains to be seen if other platforms will follow suit or if this is simply a case of one company getting cold feet.
CNN has announced that it is shutting down its NFT marketplace and will issue a 20% refund to all buyers.
The prices of NFTs have begun to crash, with some assets losing up to 90% of their value. In response, CNN has decided to shut down its NFT marketplace and issue a 20% refund to all buyers.
This is a big blow to the NFT industry, which had been gaining mainstream traction in recent months. It remains to be seen if other platforms will follow suit or if this is simply a case of one company getting cold feet.
Why is CNN shutting down its marketplace?
CNN is shutting down its NFT marketplace due to the current lack of interest and development in the NFT space. CNN will issue a full refund to all users who have purchased items through the marketplace.
CNN believes that the current NFT market is not yet developed enough. To provide a good user experience or generate significant revenue. The company will continue to monitor the space and may relaunch its marketplace in the future. if there is sufficient interest and development.
Why was a refund issued for the CNN NFT Marketplace?
CNN has announced that it will be shutting down its NFT marketplace and issuing refunds to all users. CNN had initially said that it would donate a portion of the proceeds to charity, but did not specify how much or which charities would benefit. This led to concerns that CNN was profiting off of the sale of NFTs, which are often associated with high transaction fees.
CNN has now clarified that all proceeds from sales of NFTs on its platform will be donated to charity. It will also issue refunds to all users who have purchased NFTs through the marketplace.
The CNN NFT marketplace was shut down and refunds were issued because the platform was not transparent about how it would handle proceeds from sales of NFTs. CNN has clarified that all proceeds from sales of NFTs on its platform will be donated to charity.
What is a Non-Fungible Token (NFT)?
Unlike cryptocurrency, which is based on blockchain technology and can be traded on exchanges, NFTs are stored on a decentralized ledger and can represent ownership of real-world or digital assets.
NFTs have been gaining in popularity as they offer a way to easily purchase, sell, and trade digital assets without having to go through a central authority. This has made them especially popular among collectors of digital art and other rare items.
CNN’s NFT marketplace was launched in March 2021 and allowed users to buy, sell, or trade CNN-branded virtual goods. However, the marketplace will be shutting down on May 31st, 2021 and all users will be refunded in full.
Conclusion
It’s been less than a week since CNN launched its NFT marketplace and it’s already shutting down. In a statement, the company says it will issue refunds to the 20% of people who bought CNN-branded NFTs. This move comes after criticism that the prices for some of the items were too high, and that the whole concept of using blockchain to sell virtual goods is nothing more than a “gimmick.”
It’s still early days for the NFT industry, and it remains to be seen if other platforms will follow CNN’s lead and shut down their own marketplaces. For now, it looks like the news network is getting cold feet about the whole thing.
