The Recur NFT platform has announced that it will stop working on November 16, 2023. On August 18, the site stopped the registration of new users and closed the sale of tokens.
Data: X.
From August 31, platform clients will be able to withdraw funds from their balances. To save the NFT, they need to move the tokens to their own wallets before the work stops.
The Recur team intends to transfer NFT metadata and graphical assets to IPFS, a decentralized storage protocol, by November 22. It is expected that this will allow information to be preserved after the platform is closed. The assets will be placed using the Filecoin network.
Recur called the decision to stop work “difficult.”
“However, due to unforeseen issues and changes in the business landscape, it has become increasingly difficult for us to provide the level of service and dedication we have always strived for,” the developers said.
In September 2021, Recur closed a $50 million Series A funding round at a $333 million valuation. The funds came from Digital, an investment fund backed by billionaire Steve Cohen’s family office.
According to CryptoSlamNFT sales on Ethereum in July amounted to ~$272 million. At the peak in January 2022, the figure exceeded $4.9 billion.
Recall, according to Nansen, in July, the total amount of royalties received by NFT creators for the resale of tokens fell to a two-year low – almost 1000 ETH.
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2023-08-21 11:46:18
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