News, Culture & Society

CNN jumps on the NFT bandwagon by selling off news coverage of historic events to ‘collectors’ 

CNN is jumping on the NFT bandwagon and will be selling off news coverage of historic events to collectors, the news network announced on Wednesday.

The WarnerMedia-owned company said that it is launching ‘Vault by CNN: Moments That Changed Us’, through which it will be offering non-fungible tokens (NFTs).

It said that it will be minting its coverage of historical moments covered during its 41-year history – such as the fall of the Berlin Wall, the Gulf War, or the September 11 terrorist attacks – on the Flow blockchain service.

People will then be able to purchase them as digital collectables. 

CNN is jumping on the NFT bandwagon and will be selling off news coverage of historic events to collectors, the news network announced on Wednesday. Pictured:  A man attacks the Berlin Wall with a pickaxe on the night of November 9th, 1989 [file photo]. Could the fall of the Berlin wall be one of the ‘Moments’ sold by CNN?

Pictured: U.S. soldiers arrive at a burning oil refinery in Al-Khafji, Saudi Arabia, near the Kuwait border, after Iraqi bombardment during the Gulf War. CNN made a name for itself with its coverage of the Gulf War in 1991

Pictured: U.S. soldiers arrive at a burning oil refinery in Al-Khafji, Saudi Arabia, near the Kuwait border, after Iraqi bombardment during the Gulf War. CNN made a name for itself with its coverage of the Gulf War in 1991

Currently, the date and cost for the first batch of these ‘moments’ is yet to be announced, but CNN said it could include coverage from specific themes such as presidential elections, early CNN exclusives and world history.

‘The winner (tokenholder) of each Moment will own the digital copy for collectible purposes,’ CNN said in a statement released on Wednesday announcing the NFTs.

The tokenholders will then be able to display their ‘Moments’ on their user page in the Vault, and in some cases the buyers will receive a video display case that will allow them to display the moment in a physical location on a screen.

CNN said that it is working with a third party company to create these physical versions of the ‘Moments’.

Unlike a number of other NFTs being offered on the growing market, those wanting to purchase one from CNN will not have to pay with cryptocurrency.

People will be able to buy them with a credit card instead, but will need to create a digital wallet with the blockchain company Blocto.

It said that it will be minting its coverage of historical moments covered during its 41-year history - such as the fall of the Berlin Wall, the Iraq war or the September 11 terrorist attacks - on the Flow blockchain service. Pictured: Smoke pours from the twin towers of the World Trade Center, September 11, 2001 [file photo]

It said that it will be minting its coverage of historical moments covered during its 41-year history – such as the fall of the Berlin Wall, the Iraq war or the September 11 terrorist attacks – on the Flow blockchain service. Pictured: Smoke pours from the twin towers of the World Trade Center, September 11, 2001 [file photo]

The WarnerMedia-owned company said that it is launching 'Vault by CNN: Moments That Changed Us', through which it will be offering non-fungible tokens (NFTs)

The WarnerMedia-owned company said that it is launching ‘Vault by CNN: Moments That Changed Us’, through which it will be offering non-fungible tokens (NFTs)

Top 10 NFT sales so far

  1. Everydays: the First 5000 Days – $69.3 million
  2. The Harmony – $10.3 million
  3. Cryptopunk #7804 – $7.6 million
  4. Beeple’s CROSSROAD – $6.60 million)
  5. The first Tweet of Twitter CEO Jack Dorsey – $2.9 million
  6. Cryptopunk #6965 – $1.6 million 
  7. Axie Infinity Virtual Game ‘Genesis’ Estate – $1.5 million
  8. Cryptopunk #4156 – $1.5 million
  9. Forever Rose – $1 million 
  10. Rick and Morty ‘The Best I Could Do’ – $1 million

‘Until now, there has been no way to ‘collect’ these moments, CNN explained in its FAQs about the new service. 

‘Users can often find old footage online, or packaged up in documentaries, but they cannot “own” them or display them in the way they can with a print newspaper or magazine.’

An NFT is a unique digital token encrypted with an artist’s signature, which verifies its ownership and authenticity and is permanently attached to the piece.

It allows ‘original’ versions of popular online content – like viral memes and tweets – to be sold as if they were physical pieces of art.  

The high-profile digital assets to go up for sale as NFTs include Twitter CEO Jack Dorsey’s first tweet, which fetched $2.9 million, as well as the classic viral video ‘Charlie bit my finger’ which brought in $761,000.

They exploded in popularity in February and March. 

A single NFT by the digital artist Beeple fetched $69.3 million at Christie’s, in the first sale by a major auction house of artwork with no physical form.  

A Singaporean crypto investor paid $69.3 million for this massive digital collage by Beeple

A Singaporean crypto investor paid $69.3 million for this massive digital collage by Beeple

The tokens are similar to cryptocurrencies like Bitcoin and Ethereum in that they live on blockchain networks – a decentralized, distributed ledger that records transactions of digital assets. 

But unlike traditional cryptocurrencies, NFTs are non-fungible, meaning that one cannot be exchanged for another. The digital assets have collectors value, and can represent items including still images, GIFs, videos, music and more.  

The most valuable NFT work so far, called ‘Everydays: The First 5000 Days’ is a collage of 5,000 individual images, which were made one-per-day over more than thirteen years.

It sold for $69,346,250, which a crypto asset investor based in Singapore who goes by the pseudonym ‘MetaKovan’ paid in the form of cryptocurrency Ether.

The sale put Beeple into the top three most valuable living artists, Christie’s said, trailing only David Hockney and Jeff Koons.  

What are NFTs? The latest cryptocurrency to take over the internet, and the biggest sales

What is a NFT?

A Non-Fungible Token (NFT) is a unique digital token encrypted with an artist’s signature and which verifies its ownership and authenticity and is permanently attached to the piece.

What do they look like?

Most NFTs include some kind digital artwork, such as photos, videos, GIFs, and music. Theoretically, anything digital could be turned into a NFT.  

Where do you buy them?

At the moment, NFTs are most commonly sold in so-called ‘drops’, timed online sales by blockchain-backed marketplaces like Nifty Gateway, Opensea and Rarible.

Why would I want to own one? 

There’s an array of reasons why someone may want to buy a NFT. For some, the reason may be emotional value, because NFTs are seen as collectors items. 

For others, they are seen as an investment opportunity similar to cryptocurrencies, because the value could increase. 

When were NFTs created? 

Writer and podcaster Andrew Steinwold traced the origins of NFTs back to 2012, with the creation of the Colored Coins cryptocurrency. 

But NFTs didn’t move into the mainstream until five years later, when the blockchain game CryptoKitties began selling virtual cats in 2017.

 

Read more at DailyMail.co.uk