NFT Market Slump Claims RECUR and Nifty’s Marketplace
Non-fungible token (NFT) marketplace Recur is being deprecated due to the prolonged market slump. To strengthen their business through community efforts, other companies have taken similar measures. Here are the key points:
1. Recur will no longer accept NFT deposits and will transfer any remaining media and metadata to the Filecoin network.
2. Customers must withdraw their NFTs and top-up balances into self-custodial wallets before November 16th.
3. Nifty’s, another NFT marketplace, also confirmed its imminent shutdown after raising $10 million in startup funding.
4. The NFT market has slumped since its peak in 2021, with high US interest rates and the collapse of major crypto firms contributing to the decline.
5. NFT businesses are adapting by creating real-world utility and strengthening communities. Doodles and Yuga Labs are examples of companies exploring new opportunities.
The NFT market is undergoing significant changes as it adapts to current market conditions. It’s important for crypto readers to stay informed about the latest developments and trends in this evolving industry.
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