Recur, a notable NFT startup that raised $50 million in its series A funding round in 2021, has announced that it will be shutting down its operations. The platform made the announcement on August 18, 2023, stating that it will gradually wind down its functionality and completely disable all NFT activity by November 16. The metadata will be migrated to IPFS, allowing users to retrieve their data independently of the platform.

Timeline of Recur’s Shutdown

The shutdown process began on August 18, 2023, with the disabling of RECUR-powered functionality, including primary and secondary NFT sales. Users will still be able to withdraw NFTs to on-chain wallets and cash out their balances accumulated before August 31, 2023. From November 9, 2023, Recur will disable NFT deposits and other functionalities, such as withdrawals and USDC cash outs, a week later.

Recur assures users that the transitioned NFT metadata and graphical assets stored in IPFS will remain accessible. IPFS, or InterPlanetary File System, is a decentralized file sharing protocol that allows for independent data retrieval.

The closure of Recur highlights the challenges faced by NFT-focused startups, with many struggling due to the decline in NFT sales across the market. Recur’s shutdown comes less than two years after its successful series A funding round.

Frequently Asked Questions (FAQ)

Why is Recur shutting down?

Recur cited the decline in NFT sales across the market as the reason for its shutdown. The prolonged crypto winter has affected the fortunes of many NFT startups.

When will Recur completely disable all NFT activity?

Recur will completely disable all NFT activity on November 16, 2023.

Can users retrieve their NFT metadata and graphical assets?

Yes, users will be able to retrieve their NFT metadata and graphical assets stored in IPFS even after the platform is shut down.

What is IPFS?

IPFS stands for InterPlanetary File System, a peer-to-peer file sharing protocol that allows for decentralized data retrieval without relying on a specific platform or service.

Will users be able to withdraw their NFTs and cash out their balances?

Users will be able to withdraw their NFTs to on-chain wallets and cash out their balances accumulated before August 31, 2023. However, after that date, withdrawals and USDC cash outs will be disabled.

Will Recur’s shutdown affect other NFT platforms?

Recur’s shutdown is a reflection of the challenges faced by NFT startups in the current market. However, the impact on other NFT platforms will depend on their individual circumstances.

Summary

NFT startup Recur, which raised $50 million in its series A funding round in 2021, has announced its shutdown due to a decline in NFT sales across the market. The platform will gradually wind down its operations and completely disable all NFT activity by November 16, 2023. The metadata will be migrated to IPFS, allowing users to retrieve their data independently. Recur’s closure reflects the challenges faced by NFT startups in the current market.