NFT startup Recur has declared the winding down of its Web3 platform, attributing its decision to the challenges of the crypto winter.
NFT Platform Recur is Closing Down
NFT startup Recur has declared the winding down of its Web3 platform, attributing its decision to the challenges of the crypto winter, despite hosting major brand IPs like Hello Kitty and Nickelodeon.
Over the coming months, the core features of Recur's platform, including NFT withdrawals, stablecoin cash-outs, and collectible trading on their marketplaces, will gradually phase out. The company acknowledged these difficulties were unexpected and mentioned shifts in the business landscape.
The NFT market's recent setbacks are exemplified by Recur's announcement, as the popularity of digital collectibles dwindles. Despite a promising partnership with Hello Kitty and Nickelodeon characters like Tommy Pickles, Recur's ambitions have been curtailed. Recur was established in 2021 as a provider of Web3 "building blocks" for creating in-game assets, loyalty programs, and collectibles utilizing NFTs.
To ensure the survival of various 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, once valued highly and offering early NFT access, has seen its value decrease substantially.
Although valued at $333 million in late 2021 after a $50 million Series A funding round, Recur is now facing the difficult decision to shut down.