After CNN promised upcoming NFT drops, some users dubbed the cable network's abrupt closure of its crypto venture a "rug pull."

CNN has canceled its web3 experiment. The company confirmed in a statement issued on Monday evening. Vault by CNN announced the decision to "say goodbye" to the project in a statement shared on Twitter.

The reason for the relocation was not given.

Last year, CNN launched Vault. It offered buyers non-fungible tokens (NFTs) commemorating major news events.

"Vault was launched as a six-week experiment. But the support and engagement from our community allowed us to expand this project into something much larger," said the Vault team in a statement.

But, the news outlet's original announcement last year made it clear that the company expected it to go beyond the initial six weekly NFT drops. It promising that "future drops" would include a wider range of topics and formats "as Vault by CNN grows and adapts to its community of collectors."

Users complain about 'rug pull'

On Vault's Discord server following the announcement, that community expressed shock at the project's abrupt closure, with some even calling the move a "rug pull."

Vault had been teasing upcoming features and drops as recently as last month, according to users.

Exclusive CNN perks and merchandise are listed as "coming soon" in documents hosted on the project's website.

In response to angry collectors' questions, a CNN staffer using the Discord handle "Jason" confirmed there would be some sort of "distribution" to compensate those who purchased NFTs.

"Either FLOW tokens or stablecoins will be deposited into each collector's wallet," he wrote. "We are still working out the details, but we expect that the distribution amount will be around 20% of the original mint price for each Vault NFT owned."

He also stated that the collections would continue to exist and that the Vault Marketplace would remain operational.

CNN Vault's history

CNN stated at the time of Vault's launch in the summer of 2021 that the project represented an opportunity for collectors to own a piece of history.

It also collaborated with startup Infinite Objects to provide select buyers with display cases. It allowing them to display their purchases both physically inside their homes and on user pages in the Vault.

Users did not need any cryptocurrency to buy an NFT, as payments were collected via Stripe, though they did need to create a digital wallet with Blocto to make transactions. The Flow blockchain was used to build the project.

The NFTs depicted everything from presidential elections to space launches. A recent collaboration with Jeremy Fall's Probably Nothing commemorated Nelson Mandela's release from prison.

It's unclear how much CNN made from the project, but based on initial auction prices for sold-out NFTs. It was most likely in the hundreds of thousands of dollars.

In April, the cable network's director of emerging products, Jason Novack, told Business Insider, "NFTs are unlocking entirely new possibilities that did not exist until very recently - including being a strong source of revenue."