Miami-based Recus joins other nonfungible token platforms to announce shutdown despite drawing big-name partnerships. The Florida-based startup for nonfungible tokens (NFT) revealed on Friday, August 19, that it wound down the Web3 platform.
Recur Cites Crypto Winter Forcing Closure
The statement indicated that Recur cannot overcome the chills trickling from the crypto winter despite playing host to big brands’ intellectual property (IP) inducing Nickelodeon and Hello Kitty.
The statement published in the firm’s blog post indicated that it would lose the Recur platform’s core features in the subsequent months. The affected features include withdrawing NFTs from the platform and cashing out the stablecoins and trade collectibles on Recur-hosted marketplaces.
Dynamism Witnessed in Crypto Business Landscape Eroding Digital Collectibles’ Popularity
Recur indicated that the decision to abandon operations is challenging though inevitable, given the unforeseen challenges and dynamism in the crypto business landscape. Recur’s move highlights the recent headwinds witnessed across the NFT space as various platforms navigate the continued decline in popularity and interest in digital collectibles.
The decision surprised Hello Kitty that Recur was grounding its ambitions 12 months after embarking on a jet-setting NFT experience in July 2022.
July marked a critical milestone for Recur that reported TV Packs witnessed unprecedented demand for the profile picture (PFP) NFTs featuring Nickelodeon characterizing Tommy Pickles derived from Rugrats. The Friday statement confirmed that it would disable the Pack openings in November.
Recur’s journey traces to 2021 as the platform profiled itself as facilitating Web3 building blocks for other businesses. The platform targets facilitating the creation of in-game assets and digital collectibles leveraging NFTs and loyalty programs.
Recur’s decision mirrors the initiative undertaken by Nifty to shut down operations. The latter involves a social network that transitioned into a Web3-based creators portal. The closure comes despite Nifty securing partnerships with reputable media titles, including Game of Thrones and The Matrix.
Recur to Onboard NFTs Metadata on InterPlanetary File System
The statement acknowledged that Recur had facilitated the minting of over 380000 NFTs. The firm restated that it will adjust the store to guarantee the digital collectibles’ progress.
Recur disclosed that it would subsequently migrate the metadata and media for the NFTs to InterPlanetary File System (IPFS). The system involves a peer-to-peer based file-sharing network by the Protocol Labs. The statement added that it would host other assets on Filecoin’s network.
Recur December 2021 offered the Recur Pass in a limited 24-hour window for sales. The firm admits to selling an NFT for $300. The pass would carry resale and priority rights to holders in the subsequent NFT drops.
Last February, the NFT platform sold Recur Pass for $88888. However, one can access the cheapest Recur Pass on OpenSea at 0.001 ETH.
By the end of 2021, Recur approximated its value at $333 million following the $50 million funding in a Series A round. The round attracted Digital investment funds associated with New York Mets owner and hedge fund Steve Cohen.
The firm had attracted reputable personalities in the $5 million funding for the seed round. Besides the NFT creator Gary Vaynerchuk, Recur seed round attracted Gemini’s Winklevoss twins. The round featured Ethereum and ConsenSys founder Joe Lubin.
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