NFT Startup Recur Shuts Down Its Web3 Platform

Recur, a startup focused on NFTs, has announced that it will be winding down its Web3 platform due to the challenges posed by the crypto winter.

The company has struggled to sustain its platform despite having major brand IPs such as Hello Kitty and Nickelodeon on board.

Over the next few months, Recur will gradually phase out core features, including NFT withdrawals, stablecoin cash-outs, and collectible trading on their marketplaces. The company has acknowledged these unexpected challenges and mentioned changes in the business landscape as contributing factors.

The NFT market has experienced setbacks, including Recur’s recent announcement, as the demand for digital collectibles has decreased. Despite partnering with Hello Kitty and Nickelodeon characters like Tommy Pickles, Recur’s ambitions have been limited.

Recur, a platform launched in 2021, positioned itself as a hub for NFT innovation and offered businesses Web3 solutions. Its versatile platform allowed for creating loyalty schemes, in-game assets, and digital collectibles.

Recur’s decision to shut down is similar to another recent shutdown of Nifty’s, a former social network turned Web3 creator hub. Both Recur and Nifty’s had significant partnerships with media titles such as “The Matrix” and “Game of Thrones.”

Recur has created over 380,000 NFTs, and their digital artwork will be preserved by migrating their NFTs’ metadata and media to the InterPlanetary File System (IPFS). In addition, some assets will find a new home on the Filecoin network. Recur’s past NFT endeavors included the December 2021 launch of a “Recur Pass” that initially retailed for $300. However, the Recur Pass, which used to command a price of $88,888, is now listed for a mere 0.001 ETH on OpenSea.

At the end of 2021, Recur announced a valuation of $333 million following a $50 million Series A funding round, marking the end of its journey.