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2021-06-17

CNN with NFT

CNN has followed Fox and Time Magazine into the NFT market by announcing the launch of collectible historical news moments.

The CNN NFT project is called "Vault by CNN: Moments That Changed Us" and features a series of tokenized, iconic moments from its 41-year history, along with a vault for buying, storing and displaying NFT.

The news organization did not reveal which specific historical moments will be tokenized, but noted that topics will be covered, including CNN exclusives, notable news stories, world history and the presidential election.

The initial launch will include six weekly airdrops starting in late June, with CNN teasing that the first airdrops may feature space travel and election results. The NFTs will be sold in a combination of open and limited edition.

The NFTs will be minted on the blockchain Flow , which CNN chose because of its energy-efficient rate proof consensus mechanism . Flow is also home to NBA Top Shot , which has been extremely successful in selling iconic sports "moments."

To purchase NFT, users will need to register with CNN's vault where they will store their moments. No cryptocurrency is required for purchase, and the platform accepts credit cards through third-party payment platform Stripe . 

Interestingly, CNN's online archive already contains 700,000 hours of content that can already be purchased and downloaded without granting "ownership."

Despite presenting ownership as NFT's value proposition, they note that "CNN retains copyright and ownership of the content."

A growing number of news outlets and media organizations have entered the NFT market in 2021.

CNN's move into NFT follows Fox Corp's announcement yesterday of a $100 million fund to create NFT content to accompany animated TV shows.

In late March, Time Magazine entered the market with three tokenized SuperRare magazine covers, and "TIME Space Exploration - January 19, 1959" generated the largest sale of 135 Ether (ETH) worth about $318,000 at today's prices.

 

Since then, Time has dropped another seven NFTs depicting magazine covers, and "TIME First Issue - March 3, 1923" brought in 120 ETH worth about $283,000 in June.