NFT Platform Recur is Closing Down.
Despite an impressive $50 million funding round and high-profile partnerships with iconic brands like Hello Kitty and Nickelodeon, NFT startup Recur has announced its decision to wind down its Web3 platform. The company cites the challenging conditions of the crypto winter as the primary reason for this unexpected move.
In the coming months, Recur’s core platform features, including NFT withdrawals, stablecoin cash-outs, and collectible trading, will gradually phase out. The company acknowledged that these difficulties were unforeseen and related to significant shifts in the cryptocurrency and NFT landscape.
This development reflects the broader setbacks faced by the NFT market, as the fervor for digital collectibles has waned recently. Despite its promising partnerships and collaborations with beloved brands, Recur’s ambitious plans have been curtailed.
Founded in 2021, Recur initially aimed to provide Web3 “building blocks” for creating in-game assets, loyalty programs, and collectibles utilizing NFTs.
To preserve the value of its digital collectibles, Recur plans to migrate metadata and media for its NFTs to the InterPlanetary File System (IPFS) and host other assets on Filecoin’s network. Recur Pass, which once held substantial value and offered early NFT access, has also seen a significant decline in worth.
While Recur was valued at $333 million in late 2021, following its Series A funding round, the company now faces the challenging decision to shut down operations in light of the evolving crypto market dynamics.
