Despite $50M Funding, Crypto Market Shuts Down

Popular non-fungible token (NFT) platform RECUR, a marketplace for digital collectibles, announces its closure. In a message on Twitter RECUR announced that it is “with a heavy heart to share the difficult news”. The RECUR platform will be closed on November 16, 2023.

By then, various features will be phased out to allow users to transfer their digital collectibles to their own wallet.

$50M Funding for Crypto Platform

RECUR’s NFT platform was founded in 2021 and since then has gained a lot of brand awareness by collaborating with big names like Nickelodeon and Hello Kitty.

The company provides the building blocks for a decentralized world in Web3. Recur worked with several companies to develop it in the game Assets, loyalty programs, and digital collectibles like NFTs.

The company had raised a whopping $50 million in a Series A investment round, valuing the platform at $333 million. Still, the ambitions of the NFT platform face the closure of the company.

Difficult decision for the NFT marketplace

According to RECUR, “unforeseen challenges and changes in the business landscape” were the main reasons for the closure of the platform. It added that the company is finding it increasingly difficult “to continue to provide the level of service and commitment it has always strived for”.

In the coming months, the NFT platform will gradually phase out all of its functions. The company disabled the first features back on August 18 and new users are no longer welcome on the platform. Existing users will continue to have access to the various features of the platform. The company RECUR is giving existing users the option until November 16, 2023 to secure their digital assets by sending them to another wallet.

In order to secure RECUR’s data and ensure that all NFT media and associated metadata are preserved, the company moves this data into a so-called Interplanetary File System (IPFS). An IPFS is a peer-to-peer network for storing and sharing files in a distributed file system. Other assets are transferred to Filecoin’s network.

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