NFT REVIEW NEWS NFT Platform ‘Recur’ is Shutting Down Despite $50M Backing

Recur — which generates in-game NFTs, loyalty incentives, and other digital items — has declared it will shut down in the coming months. The platform faced numerous challenges despite securing $50 million in funds and establishing notable collaborations with industry giants like Nickelodeon and Hello Kitty. 

Amidst the fluctuating NFT climate, Recur’s disheartening decision to cease will witness its core features gradually being disabled, preventing users from withdrawing stablecoins, retrieving NFTs, and trading on Recur-integrated marketplaces. To clutch onto the assets acquired, users must withdraw all previously topped-up balances starting August 31, 2023, and NFTs to a self-custodian wallet before November 16, 2023.

Recur’s Unexpected Tumble

The winding down of Recur underscores the difficulties that many NFT ventures face amidst the slackening spirit of NFT enthusiasts. Only last year, Recur launched a prominent alliance with Hello Kitty. However, soaring aspirations met an unforeseen deadline just one year in. That same month, despite surging interest in Recur’s Nickelodeon-themed TV packs, the company announced terminating the project shortly after.

Moreover, late in 2021, the company hit a valuation of $333 million post a $50 million Series A fundraising round, led by investments from Steve Cohen’s ‘Digital’, and the billionaire shareholder of New York Mets. Other notable contributors included Ethereum’s co-founder Joe Lubin, the Winklevoss twins, and NFT enthusiast Gary Vee.

This closure mirrors a similar disclosure by the Web3 creator and social networking hub, Nifty’s, which is also shutting down regardless of partnering with numerous influential media entities like ‘Game of Thrones’ and ‘The Matrix‘.

Possessing a legacy of more than 380,000 NFT mints, Recur plans to maintain the life of these digital collectibles. The platform’s NFT content and metadata will shift to the InterPlanetary File System (IPFS) decentralized file-sharing system. Other digital assets can be moved to the Filecoin network.

Judging from its mighty rise to its early fall, Recur shutting down is a valuable lesson for future NFT-based ventures. 

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