RECUR Calls It Quit
RECUR, an NFT company that raised $50 million in an investment round, has announced its plans to shut down its operations gradually.
Key Points:
- RECUR has halted primary and secondary sales since August 18.
- Users can transfer their NFTs to external wallets and withdraw balances before August 31.
- NFT deposits will be disabled by November 9, and users can withdraw their remaining NFTs and USDC until November 16.
- All NFT media and attributes will be transferred to the InterPlanetary File System (IPFS) for data retrieval by November 22.
- The decision to shut down comes after a prolonged bear market, causing financial challenges for RECUR.
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Users to Still Access Their NFTs
RECUR ensures that users will still be able to access and retrieve their NFTs even after the platform’s closure. The transfer of NFT media and attributes to IPFS will allow continued access.
Bear Market Fallout
The NFT sector’s underperformance in the bear market has impacted RECUR’s finances, leading to its decision to shut down. The company cites unforeseen challenges and shifts in the business landscape as reasons for the closure.
Hot Take:
RECUR’s closure highlights the challenges faced by NFT companies in the current bear market. The decision to transfer NFTs to IPFS shows a commitment to ensuring continued access for users. It remains to be seen how other web3 firms will navigate the financial struggles caused by unfavorable market conditions.
