Recur, the NFT startup, announces the winding down of its Web3 platform
The NFT startup Recur has revealed that it is shutting down its Web3 platform due to challenges in the crypto industry. Despite hosting brands like Hello Kitty and Nickelodeon, Recur’s platform will gradually lose its core features, including the ability to withdraw NFTs, cash out stablecoin balances, and trade collectibles on Recur-hosted marketplaces. This decision reflects the recent downturn in the popularity of digital collectibles in the NFT space. Founded in 2021, Recur aimed to provide businesses with Web3 “building blocks” for creating in-game assets, loyalty programs, and digital collectibles. Recur will migrate the metadata and media for its NFTs to the InterPlanetary File System (IPFS) and host other assets on Filecoin’s network.
Key Points:
- Recur’s Web3 platform is winding down, losing core features such as NFT withdrawals, cashing out stablecoin balances, and trading collectibles on Recur-hosted marketplaces.
- The decision is a response to challenges in the NFT space and the decline in the popularity of digital collectibles.
- Recur aimed to provide businesses with Web3 “building blocks” for creating in-game assets, loyalty programs, and digital collectibles.
- Metadata and media for Recur’s NFTs will be migrated to the InterPlanetary File System (IPFS), and other assets will be hosted on Filecoin’s network.
- Recur previously raised funding from notable investors, including Gary Vaynerchuk, the Winklevoss twins, and Joe Lubin.
Hot Take:
The closure of Recur’s Web3 platform highlights the challenges faced by NFT startups in a volatile crypto market. Despite hosting well-known brands, Recur was unable to sustain its platform due to the decline in demand for digital collectibles. This serves as a cautionary tale for other companies in the NFT space, emphasizing the need for adaptation and resilience in an ever-changing industry.
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