CNN has announced the debut of collectible historic moments from the news, following Fox and Time Magazine into the NFT market.
The “Vault by CNN: Moments That Changed Us” NFT collection has created tokenized historic moments from CNN’s four decade long, as well as a market where NFTs can be traded and viewed.
The news channel did not specify which historical events would be commemorated, but it stated that topics such as CNN exclusives, noteworthy firsts, world history, and presidential elections would be addressed.
CNN Joins a Move Into NFTs
CNN teased that the first drops could feature space flight and election results, and that the initial launch will involve six weekly drops starting in late June. The NFTs will be available in open and limited editions.
These NFTs will be minted on the Flow blockchain. CNN selected Flow because of its low-energy proof-of-stake consensus algorithm. NBA Top Shot, which has generated a lot of success selling legendary sporting “moments,” is also based at Flow.
NFT buyers must first sign up for CNN’s vault to do the purchase, and to store it there later. The platform does not require cryptocurrency to purchase, as it accepts credit cards via Stripe, a third-party payment network.
Room for New Platforms in NFT Space
CNN has also teamed with video frame company Infinite Objects to allow users to render their NFT onto a screen and physically display it offline.
In 2021, an increasing number of news sources and media organizations will enter the NFT industry.
Time Magazine launched three tokenized magazine covers on SuperRare in late March, with the “TIME Space Exploration — January 19th, 1959” producing the largest sale of 135 Ether (ETH) worth roughly $318,000 at today’s values
From that point, Time released seven more NFTs depicting covers, with the “TIME First Issue — March 3, 1923” obtaining a price of 120 ETH – or around $283,000 – recently.
NFTs are white hot, and being bought at prices that could have only been imagined a few years ago. We shall see if the market is able to continue along these lines in the medium term.