Recur, an NFT startup that secured a $50 million series A funding round in 2021, is shutting down. On Friday, the platform announced the gradual wind down of its operations and functionality, with the complete disabling of all NFT activity by November 16, 2023 and the migration of metadata to IPFS.
The timeline began on August 18, 2023 when the disabling of RECUR-powered functionality such as primary and secondary NFT sales started. However, users can still withdraw NFTs to on-chain wallets and cash out their balances before August 31, 2023. Starting November 9, 2023, Recur will disable NFT deposits and other features, including withdrawals and USDC cash outs.
NFT metadata and graphical assets transitioned to IPFS will be accessible and retrievable, with details on Filecoin’s decentralized storage network also available.
Despite the $50 million raise in 2021, Recur is the latest NFT-focused startup to fold amid the effects of the prolonged crypto winter. Declines in NFT sales across the market have also contributed to the downturn in fortune for Recur and other platforms, as evidenced by the dip in sales volume on Ethereum.
On August 18, 2023, the Recur team expressed their gratitude to the RECUR community with a tweet: “We want to extend our heartfelt thanks to each and every one of you for being an integral part of the RECUR community. It is with a deep sense of gratitude that we look back on the moments, both the triumphs and the challenges, that have shaped RECUR.”
