Can We Agree that NFTs Can Be a Messy Business?

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For quite some time NFTs have been one of the biggest businesses in Web3 and crypto space and there’s no doubt that due to the profit from it many companies and industries hopped into the trend to get a taste of it. However, it seems some companies are still finding it difficult to adjust to the trend and are already shutting down their Web3 projects due to reasons unknown.

Earlier this week, CNN announced that the web3 project Vault is going to come to an end because the project was only meant to last six weeks and was just an experimental project nonetheless it has nothing to do with the NFTs that were released through the vault, so they still live on but we all know that them shutting down the project will have a significant effect on the NFTs like them losing their market value.

Some users are already claiming that CNN just did a rug pull on them and some are already claiming for compensation because the collectibles and NFTs they have is losing their value in the market. This move made by CNN on their project shows are not just Web3 space can be messy but also NFT business especially for big brands who aren’t able to meet up with their promises.

Well, I guess it’s safe to say another NFT project just hit rock bottom, and this shows any project can go south even with the big names they have. Personally, I think what most businesses and companies need is more committed to their projects to avoid them looking like rug pull.

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I enjoyed a short NFT phase, but it just got too hard to navigate and too many projects, scams, and the worst of the worst.

I think there is a future for NFTs in the style of Splinterlands and other projects and possibly even art, but I decided the entire sector needed to run it's crazy course for a bit before getting serious.

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I totally agree with you, I also think NFTs are meant for artists and web3 gaming platforms too not those who just want to hop in because of the trend and they end up with abandoned projects, creating rooms for scams and copycats

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NFTs and stablecoins were the biggest winners on the Web 3.0 space during the last bull market. Now they are the most hit during the bear market, almost disappearing into oblivion.

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