NFT Project Recur Shuts Down
On August 18, Recur stopped registering new users and the sale of tokens. From August 31, existing customers will be able to withdraw their funds before the platform closes on November 16, 2023.
In order to preserve the NFTs, users must transfer their tokens to their own wallets before the shutdown. Additionally, Recur will be transferring the metadata and graphical assets of the NFTs to IPFS, a decentralized storage protocol, by November 22.
Despite the closure of the platform, Recur expressed their commitment to preserving the NFTs through Filecoin’s network.
The team has commented that this decision has been difficult to make, given the upheaval in the business environment.
In September 2021, Recur closed a $50 million Series A funding round at a $333 million valuation, backed by Digital, an investment firm co-owned by billionaire Steve Cohen’s family.
Reports from CryptoSlam indicate that Ethereum based NFT sales hit ~$272 million in July, at its peak in January 2022 amounting to over $4.9 billion. Moreover, Nansen’s research has revealed that as of July, NFT creators earned 1000 ETH in total from royalties.
