NFT platform Recur has announced plans to shut down after receiving $50 million in a Series A fundraising round less than two years ago.
The platform will be shut down in a planned manner, according to the firm, starting with the cessation of main and secondary sales on August 18, 2023.
New user account registration has already been stopped, and all remaining site features will be removed by November 16, 2023.Recur has provided instructions for users on how to withdraw NFTs and redeem any lingering amounts.
The transfer of metadata for NFTs created directly on Recur to the InterPlanetary File System (IPFS) is a crucial step in the shutdown procedure. The three days of sales for Coca-Cola’s new “Masterpiece” NFT series brought in $543,660.
The data will be accessible thanks to this decentralized storage mechanism, guaranteeing that details on users’ NFTs will remain accessible even after the network is shut down.
Following earlier successful fundraising initiatives, including a $5 million seed round and a sizeable $50 million Series A financing, which valued the company at $333 million, Recur has decided to stop operations.
The staff has made references to unexpected obstacles and changes in the business climate, but the reasons for the closure are yet unknown. The announcement comes at a time when the NFT market is generally declining.
Data from CryptoSlam shows that from over $4.9 billion in January 2022 to over $272 million in July 2023, the total value of NFT sales on Ethereum has decreased dramatically.
