Latest Nickelodeon: Rugrats & Hey Arnold News
Due to unforeseen business challenges, RECUR announced the shutdown of its platform, effective November 16, 2023.
The Deets
- NFT deposits into RECUR will be disabled on November 9, 2023.
- All remaining site functions, including NFT withdrawals, USDC cashouts, and pack openings, will cease on November 16, 2023.
- RECUR-hosted websites will go offline, but NFT media and metadata will migrate to IPFS by November 22, 2023.
- Users can cash out their balance in USDC until the shutdown date.
📚The Bulk
RECUR, a platform known for bringing Nickelodeon and Hello Kitty to the blockchain, confirmed that it will be ceasing its operations later this year. The company cites "unforeseen challenges and shifts in the business landscape" as the primary reasons for its closure.
Starting from November 9, RECUR will no longer accept NFT deposits. Then, on the fateful date of November 16, all site functionalities will be disabled, including NFT withdrawals, USDC cash outs, and pack openings. But what happens to the data and NFTs that were once on RECUR? Well, the platform has planned for that as well.
By November 22, all NFT media and attributes will be transitioned to IPFS (InterPlanetary File System), a decentralized storage protocol. This means users can still access their digital assets even after the site goes offline.
For those wondering about cashing out, RECUR has provided the option to cash out balances in USDC, a stable digital currency, until November 16.
🎤Founder Feedback
This decision has not been an easy one. We want to extend our heartfelt thanks to each and every one of you for being an integral part of the RECUR community.RECUR Team
📊By the Numbers
The move comes despite the fact that RECUR announced a raise of $50 million in funding at a $333 million valuation in September of 2021.
🎬Take Action
If you're a RECUR user, make sure to withdraw your NFTs and cash out your USDC balance before November 16, 2023, to avoid any loss of assets.
🔜What's Next?
The future of projects and experiences powered by RECUR remains uncertain, as brands have the discretion to decide the next steps for their intellectual property.
For more web3 and NFT news, visit the Lucky Trader newsfeed.
Nickelodeon NFTs are coming back for Season 2, as announced on their Twitter feed this afternoon.
There is not much additional information, but in a pinned tweet from just two hours prior, the team shares that its "Splat Factory is back but something seems...spooky."
Your guess is as good as ours as to what this could mean, but the primary Halloween or spooky-related Nickelodeon show was definitely the iconic "Are You Afraid of the Dark?" Several other shows produced Halloween specials. Early commenters are heavily requesting "SpongeBob Squarepants", with "Doug" not far behind.
Nickelodeon NFTs had some early success after launching in partnership with Recur, but have since fallen off substantially. The Rugrats & Hey Arnold! collection holds just a 0.02 ETH floor at the time of writing, after reaching a peak above 0.4 ETH.
Nickelodeon Slime Challenges went live today at noon, ET for the Rugrats & Hey Arnold collection. Access the Slime challenges here.
Each NFT in this collection has a "Slime Score" attribute, where the score is a value between 0-10. Collectors will be able to burn their Nickelodeon NFTs to receive back "Slime" based on the burned NFT's Slime Score. For example, if a Susie Carmichael NFT with a Slime Score of 4/10 is burned, the holder will receive back four Slime.
When a holder has accrued 10 Slime, they will have the ability to perform a "Mash Up", or the collector can choose to sell the Slime. Only 5,000 Slime will be available, meaning not every holder will be able to receive Slime, as there are 4,275 NFTs in the Nickelodeon collection on Ethereum and an additional 19,063 on Polygon. As a result, it is expected that approximately 20 percent of the Nickelodeon supply will be burned in today's challenge.
Because 10 Slime is needed to create a Mash Up, this also means the total Mash Up supply is currently capped at 500. The Mash Up NFTs will be "bespoke characters that combine two different characters -- one from Rugrats and one from Hey Arnold! into something entirely unique," according to the project's website.
The floor price of the Nickelodeon collection currently sits at 0.095 ETH after topping out above 0.4 ETH following the public sale on July 18-19.
The Nickelodeon NFT marketplace has already surpassed more than $450,000 in secondary sales according to its website.
Nickelodeon released the platform earlier today as well as its own NFT collection known as "Nickelodeon: Rugrats & Hey Arnold!"
On top of the volume on its own platform, the collection currently has 242 ETH traded on OpenSea, which is more than $200 thousand.
The collection currently sits at a floor of $184 on Nickelodeon's marketplace and 0.15 ETH on OpenSea.
