RECUR Closing NFT Platform Doors
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.
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