Recur, Miami, US-based NFT startup has lately announced its decision to shut down. Though the company raised a whopping $50 million lesser than two years back, it might be due to the deterioration of NFT trend. The platform will be deprecated effective 16 November 2023, the company posted on X (formerly Twitter).
“Today, with heavy hearts, we must share some difficult news.” said the company through its official X handle @RecurForever
“After much contemplation and consideration, we’ve decided to deprecate the RECUR platform, effective November 16, 2023.” the company added
As published on The Bloc, the closure will be done in a phased manner – beginning with the disabling of primary and secondary sales from Aug. 18, 2023. New user account creation has been stopped, and all remaining site functions will cease by Nov. 16, 2023.
Recur has provided instructions for users regarding users’ withdrawal of NFTs and the cashing out of redeemable balances. A notable aspect of the shutdown process is the migration of metadata of NFTs minted directly on Recur to the InterPlanetary File System – a decentralized storage protocol that enables data to be retrievable.
This migration is expected to ensure that the information related to users’ NFTs will remain accessible even after the platform’s closure.
The company raised $5 million in seed capital in March 2021, and a $50 million Series A round on a valuation of $333 million in September 2021, according to Crunchbase.
The NFT market has experienced a downtrend over the last year. The total value of NFT sales on Ethereum has declined from a peak of over $4.9 billion in January 2022 to around $272 million in July 2023, according to CryptoSlam.
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