Recur, the non-fungible token platform, announces shutdown
Recur, the non-fungible token platform, has made the decision to shut down less than two years after raising $50 million in a series A funding round. The platform will be gradually phased out, with primary and secondary sales disabled from Aug. 18, 2023, and all remaining site functions ceasing by Nov. 16, 2023. Recur has provided instructions for users to withdraw their NFTs and cash out redeemable balances. Notably, the platform will migrate NFT metadata to the InterPlanetary File System, ensuring accessibility even after closure.
Key Points:
- Recur, a non-fungible token platform, is shutting down after raising $50 million in funding.
- The platform will be phased out, with primary and secondary sales disabled from Aug. 18, 2023.
- All remaining site functions will cease by Nov. 16, 2023.
- Recur has provided instructions for users to withdraw NFTs and cash out balances.
- NFT metadata will be migrated to the InterPlanetary File System for continued accessibility.
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Reasons for Closure:
The exact reasons for Recur’s decision to shut down have not been publicly disclosed. However, the team cites “unforeseen challenges and shifts in the business landscape” as factors. The NFT market has experienced a downturn, with the total value of NFT sales on Ethereum declining from over $4.9 billion in January 2022 to around $272 million in July 2023, according to CryptoSlam.
Hot Take:
Recur’s decision to shut down reflects the challenges faced by NFT platforms in a changing market. The decline in NFT sales on Ethereum suggests a cooling off of interest in the space. It remains to be seen how other platforms will adapt and whether the NFT market will regain momentum in the future.
