CNN has followed Fox and Time magazine into the NFT market, announcing the introduction of historical moments from the news to collectibles.
CNN’s NFT project called “Vault by CNN: Moments That Changed Us” and Include A series of iconic moments emblematic of its 41-year history, with a safe to buy, store and display NFTs.
The news organization did not disclose which specific historical moments would be marked, however, it noted that CNN exclusives would cover topics including notable firsts, world history and the presidential election.
The initial launch will include six weekly drops starting in late June, with CNN teasing the first drops could reflect space travel and election results. NFTs will be sold in a combination of open and limited editions.
NFTs will be Flow molded on the blockchain, which CNN chose for its energy-efficiency proof-of-stake consensus mechanism. Flow is also home to NBA Top Shot, which has had great success selling iconic sporting ‘moments’.
To purchase NFTs, users must sign up to CNN’s Vault, where they will store their moments. With the platform accepting credit cards, there is no need to purchase cryptocurrency. Third-party payment platform Stripe. The description of the vault reads:
“Until now, there is no way to ‘collect’ these moments. Users can often find old footage online, or packaged in documentaries, but they cannot ‘own’ them or share them in print newspapers or Cannot show with magazine.”
CNN has also partnered with video framing firm Infinite Objects so that users have the option of rendering their NFTs on a screen and displaying it physically offline. Reads the description of the safe.
Interestingly, CNN’s online archive already has 700,000 hours of news content that can be purchased and downloaded without ‘owning’ it in advance.
Despite putting forward ownership as the value proposition of the NFT, they note that “CNN retains the copyright and ownership of the content.”
More and more news outlets and media organizations have entered the NFT market in 2021.
CNN’s move into NFT follows Fox Corp’s $100 million announcement Creative Fund for NFT Content Creation Tomorrow with his animated TV show.
At the end of March, Time Magazine published three . entered the market with tokenized magazine cover On Super Rare, “Time Space Exploration – January 19, 1959” coincided with the largest sale of 135 Ether (ETH) worth approximately $318,000 at today’s prices.