NFT Platform Recur Shuts Down Despite $50M Financing Round
• NFT platform Recur announced the gradual wind down of its operations and functionality on August 18, 2023.
• The startup had secured a $50 million series A funding round in 2021.
• All NFT activity will be disabled by November 16 with metadata migrated to IPFS.
NFT Platform Recur Shuts Down
Recur, an NFT startup that attracted over $50 million in its series A financing round in 2021, recently announced the deprecation of its Web3 functionality and eventual shut down of operations. By November 22, all metadata will be disabled and migrated to IPFS.
Shut Down Timeline
The timeline for the gradual shut down began on August 18 with disabling of primary and secondary NFT sales. However, users are still able to withdraw their NFTs to on-chain wallets as well as cash out any balances accumulated before August 31. Starting from November 9th, Recur will disable further functionality including deposits, withdrawals, and USDC cash outs until all activity is completely shut down by November 22nd.
Data Migration To IPFS
When the wind down is complete, all NFT metadata and graphical assets will have been transitioned to IPFS (InterPlanetary File System). This peer-to-peer file sharing protocol enables data retrieval without the need for the Recur platform or any other centralized service provider. Additionally, details about Filecoin’s decentralized storage network will be provided to users upon completion of the shutdown process.
Cause Of Shutdown
Recur’s challenges come less than two years after their successful series A funding round at a valuation of $333 million which made them one of the largest NFT startups in terms of investment size. Long term effects from the crypto winter likely played a role in their closure along with other similar platforms that have also folded within this time period.
Final Statement From Team
The team released a statement expressing gratitude towards those who had supported them throughout their journey: “We want to extend our heartfelt thanks to each and every one of you for being an integral part of the RECUR community.“