NFT platform Recur shuts down lower than 2 years after $50M financing spherical

• Recur introduced the gradual wind down of its operations and performance on August 18, 2023.
• All NFT exercise will probably be disabled by November 16, with metadata migrated to IPFS.
• The startup had secured a $50 million collection A funding spherical in 2021.

Recur, an NFT startup that attracted over $50 million in its collection A financing spherical in 2021, is shutting down.

The platform introduced the deprecation of its Web3 performance on Friday, telling customers that the gradual shut down will finish with full disabling of all metadata and migration to IPFS on November 22, 2023.

Recur shut down timeline

Particulars of the eventual closure point out a timeline that started on August 18, 2023 with the disabling of RECUR-powered performance together with major and secondary NFT gross sales.  Nevertheless, finish customers will nonetheless be capable to withdraw NFTs to on-chain wallets in addition to money out balances gathered earlier than August 31, 2023.

Beginning November 9, 2023, Recur will disable NFT deposits and different performance, together with withdrawals and USDC money outs, every week later.

Based on the Recur crew, NFT metadata and graphical belongings transitioned to IPFS will probably be accessible and retrievable. 

IPFS, brief for InterPlanetary File System, is a peer-to-peer file sharing protocol that permits information retrieval with out the necessity for the Recur platform. Customers can even get the main points on Filecoin’s decentralized storage community, the startup introduced.

Recur’s challenges and the flip of occasions come lower than two years after the financing spherical, with this the most recent NFT-focused startup to fold amid the consequences of the extended crypto winter. 

We need to prolong our heartfelt because of every one among you for being an integral a part of the RECUR group. It’s with a deep sense of gratitude that we glance again on the moments, each the triumphs and the challenges, which have formed RECUR.

— RECUR (@RecurForever) August 18, 2023

In 2021, the startup raised $50 million at a valuation of $333 million to develop into NFT’s largest collection A spherical. Metaverse-focused funding platform DIGITAL led the financing.

Declines in NFT gross sales throughout the market have contributed to the downturn in fortune for Recur and different platforms, mirrored by the dip in gross sales quantity on Ethereum.