CNN will allow people to ‘own’ moments from its archives as NFTs
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The platform, which has a preview and email newsletter sign up at vault.cnn.com, will let people buy what CNN calls “digital collectibles” from its archives.
Each NFT will be referred to as “Moments” and be minted using blockchain technology via Flow.
In its announcement of the Vault venture, CNN says that tokenholders will own the digital copy of the moment “for collectible purposes,” which presumably is not the same thing as a license to use the asset.
The sale of the NFTs will take on an auction-style format, with the token awarded to the highest bidder. The network will also include a rewards component to encourage users to “complete your sets around certain themes and other milestones for access to exclusive rewards, insider benefits and more.”
CNN will give tokenholders profile-like pages on its website to display the moments owned and some moment sales will also include a video display case showcasing a physical representation of the moment.
To start, the network will include six weekly drops starting in late June 2021.
“Offerings will include key historical moments organized around specific themes including early CNN exclusives, world history and presidential elections,” the announcement reads. “Users can expect future drops of Moments to include an even wider range of digital collectible topics and formats as Vault by CNN grows and adapts to its community of collectors.”
While some NFT auctions support charities, CNN made no mention of what will happen to the funds raised in its announcement.