Recur Announces Closure Despite Raising $50 Million
Recur, a prominent NFT startup, is the latest company to shut down amidst the ongoing crypto winter.
Recur Announces Closure Despite Raising $50 Million
Unable to withstand the challenges of the current crypto winter, Recur has announced that it will cease operations of its Web3 platform effective November 16 this year.
Today, with heavy hearts, we must share some difficult news.
— RECUR (@RecurForever) August 18, 2023
After much contemplation and consideration, we’ve decided to deprecate the RECUR platform, effective November 16, 2023.
Learn more: https://t.co/5NbiTQSAGo
In the coming months, Recur will gradually shut down core features, including NFT/stablecoin withdrawals and collection transactions. The company stated:
"This was not an easy decision, after considering the unforeseen challenges and changes in the business landscape."
Last July, Recur partnered with the 3D animation series Hello Kitty and Friends to enhance the NFT experience. However, this ambition has now been quashed. At the same time, Recur saw unprecedented demand for TV Packs containing NFT PFPs of Nickelodeon characters like Tommy Pickles from "Rugrats." However, these packs will no longer be available from November.
Founded in 2021, Recur provided foundational platforms for businesses in the Web3 space. It supported the creation of in-game assets, customer loyalty programs, and the development of digital collections based on NFTs.
To date, over 380,000 NFTs have been created through Recur, and the company committed to maintaining these digital collections. Specifically, metadata and related media will be moved to the InterPlanetary File System (IPFS), a peer-to-peer file-sharing network created by Protocol Labs. Remaining assets will be stored on Filecoin.
Following a $50 million Series A funding round at the end of 2021, Recur's valuation rose to $333 million. Investors included Digital, NFT creator Gary Vaynerchuk, Gemini's Tyler and Cameron Winklevoss, and Joe Lubin, co-founder of Ethereum and ConsenSys.
Prior to Recur's closure, Nifty's also decided to shut down, despite collaborations with renowned brands such as "The Matrix" and "Game of Thrones." August 2023 has seen several other departures, including Txbit, Hundred Finance, Revolut, Binance Connect, and Saddle Finance.
