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 <p class="is-style-lead">NFT <a rel="noopener noreferrer nofollow" title="platform" href="https://thebittimes.com/tag/platform.html">platform</a> Recur has revealed plans to cease operations less than two years after securing $50 million in a Series A funding round.</p> 
 <p>The company has detailed a structured <a rel="noopener noreferrer nofollow" title="shutdown" href="https://thebittimes.com/tag/shutdown.html">shutdown</a> of the <a rel="noopener noreferrer nofollow" title="platform" href="https://thebittimes.com/tag/platform.html">platform</a>, commencing with the suspension of primary and secondary sales from Aug. 18, 2023.</p> 
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    <p lang="en" dir="ltr">Today, with heavy hearts, we must share some difficult news.<br><br>After much contemplation and consideration, we’ve decided to deprecate the RECUR <a rel="noopener noreferrer nofollow" title="platform" href="https://thebittimes.com/tag/platform.html">platform</a>, effective November 16, 2023.<br><br>Learn more: https://t.co/5NbiTQSAGo</p>— RECUR (@RecurForever) August 18, 2023 
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 <p>The registration of new user accounts has already been discontinued, and all remaining site functionalities will end by Nov. 16, 2023.</p> 
 <p>Recur has issued guidance for users on withdrawing NFTs and the redemption of any remaining balances. A significant part of the <a rel="noopener noreferrer nofollow" title="shutdown" href="https://thebittimes.com/tag/shutdown.html">shutdown</a> process is the transfer of metadata for NFTs minted directly on Recur to the InterPlanetary File System (IPFS).</p> 
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 <p>This decentralized storage protocol will make the data accessible, ensuring that information related to users’ NFTs will be available even after the platform’s closure.</p> 
 <p>Recur’s decision to cease operations follows previous successful fundraising efforts, including a $5 million seed round and the substantial $50 million Series A funding, which valued the company at $333 million.</p> 
 <p>The reasons behind the closure remain undisclosed, but the team has alluded to unexpected challenges and changes in the business environment.</p> 
 <p>The announcement coincides with a general downturn in the NFT market. Figures from CryptoSlam reveal that the total value of NFT sales on Ethereum has dropped significantly from over $4.9 billion in January 2022 to roughly $272 million in July 2023.</p> 
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Recur announces phased shutdown of NFT platform

TheBitTimes

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