The multinational media company Cable News Network (CNN) has Announced which will end its active development and commitment of its non-fungible token (NFT) project called “Vault by CNN”.

Taking to its Twitter account, the company said that the interruption of the project does not imply that the already released NFT collection will cease to exist, as it has defined clear modalities to manage the collection. For its part, the company said it will cease its active involvement and development of Vault by CNN.

“The Vault team is honored to have partnered with amazing journalists, producers, artists, photojournalists and collectors from around the world during our time together,” the company said in the press release shared on Twitter, “we learned so much from our first foray into Web3, and we’re excited to bring Vault’s concepts of community storytelling to future projects.”

With a slew of pending deliveries on its roadmap, which runs through the end of this year, many NFT collectors have felt slighted and cheated, with some even saying the move is a rug pull.

Understanding how their community felt about the move, Vault by CNN plans to compensate those community members most affected. According to a statement sent by Vault by CNN, collectors will receive partial refunds, which will be paid through Flow (FLOW) tokens.

“The distribution will be either FLOW tokens or stablecoins deposited into each collector’s wallet. We are currently working out the details, but we expect the distribution amount to be approximately 20% of the original minting price of each Vault NFT.”

The potential incentive was confirmed by one of the core team members on Discord, identified as Jason.

Coming out as one of the media entities other than Marvel and Time Magazine with a vested interest in NFT. In particular, with the abrupt end of the Vault by CNN project, many collectors may remain skeptical about related projects that may emerge from major media companies in the near future.

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