{"id":139847,"date":"2023-09-02T00:45:57","date_gmt":"2023-09-01T19:15:57","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=139847"},"modified":"2023-09-02T00:45:57","modified_gmt":"2023-09-01T19:15:57","slug":"nft-platform-recur-to-shut-down-despite-50m-raise-and-big-name-backers-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/nft-platform-recur-to-shut-down-despite-50m-raise-and-big-name-backers-crypto-news\/","title":{"rendered":"NFT Platform Recur to Shut Down Despite $50M Raise and Big Name Backers – Crypto News"},"content":{"rendered":"
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The NFT startup Recur said on Friday that its Web3 platform is winding down\u2014unable to weather the chills of crypto winter despite hosting the IP of several big brands like Hello Kitty and Nickelodeon.<\/span><\/p>\n

Over the next several months, Recur\u2019s platform will steadily lose its core features, the firm said in a blog post<\/a>. That includes the ability for users to withdraw NFTs from Recur, cash out stablecoin balances, and trade collectibles on Recur-hosted marketplaces.<\/span><\/p>\n

\u201c\u200b\u200bThis decision has not been an easy one,\u201d the company said on Twitter<\/a>, citing \u201cunforeseen challenges and shifts in the business landscape.\u201d<\/span><\/p>\n

Recur\u2019s announcement captures recent headwinds in the NFT space as companies navigate a downturn in the popularity of digital collectibles. Last July, Recur embarked on a \u201c<\/span>jet-setting NFT experience<\/span><\/a>\u201d with Hello Kitty and Friends, only for its ambitions to be grounded a little more than a year later.\u00a0<\/span><\/p>\n

That same July, Recur <\/span>noted<\/span><\/a> there was \u201cunprecedented demand\u201d for its TV Packs that contained <\/span>profile-picture<\/span><\/a> (PFP) NFTs of Nickelodeon characters like Tommy Pickles from \u201cRugrats.\u201d Pack openings will be disabled in November, Recur said on Friday.<\/span><\/p>\n

Founded in 2021, Recur billed itself as a company that offers other businesses Web3 \u201cbuilding blocks.\u201d Its platform could be used for creating in-game assets, loyalty programs, and digital collectibles that leverage NFTs, according to its <\/span>website<\/span><\/a>.<\/span><\/p>\n

Recur\u2019s move comes not long after Nifty\u2019s, a social network turned Web3 creators portal, also said it was <\/span>shutting down<\/span><\/a>. Nifty\u2019s had secured big-name media titles as partners too, such as \u201cThe Matrix\u201d and \u201cGame of Thrones.\u201d<\/span><\/p>\n

With over 380,000 NFTs minted through Recur, the firm said it has changes in store to ensure that various digital collectibles will live on.<\/span><\/p>\n

Recur said metadata and media for its NFTs will be migrated to the <\/span>InterPlanetary File System<\/span><\/a> (IPFS), a peer-to-peer file-sharing network built by Protocol Labs. Other assets will be hosted on <\/span>Filecoin<\/span><\/a>\u2019s network, Recur added.<\/span><\/p>\n

In December 2021, Recur offered a Recur Pass during a limited, 24-hour sales window. Sold as an NFT for <\/span>$300<\/span><\/a>, the pass could be resold and offered holders early access to future NFT drops among other benefits.\u00a0<\/span><\/p>\n

Last February, a Recur Pass sold for $88,888, <\/span>Recur<\/span><\/a> said in a statement on Twitter. Today, the <\/span>cheapest<\/span><\/a> Recur Pass listed on OpenSea currently asks for 0.001 ETH (about $1.69).<\/span><\/p>\n

In late 2021, Recur said it was valued at $333 million after it announced a <\/span>$50 million<\/span><\/a> Series A funding round. The round was led by Digital, an investment fund backed by the family office of New York Mets majority owner and billionaire hedge fund manager Steve Cohen.<\/span><\/p>\n

Other notable names had participated in a $5 million seed funding round earlier that year, such as investor and NFT creator Gary Vaynerchuk, Gemini\u2019s Tyler and Cameron Winklevoss, and Ethereum co-founder and ConsenSys founder Joe Lubin. (Disclosure: ConsenSys funds an editorially-independent Decrypt<\/i>.)<\/span><\/p>\n

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Stay on top of crypto news, get daily updates in your inbox.<\/h3>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The NFT startup Recur said on Friday that its Web3 platform is winding down\u2014unable to weather the chills of crypto winter despite hosting the IP of several big brands like Hello Kitty and Nickelodeon. Over the next several months, Recur\u2019s platform will steadily lose its core features, the firm said in a blog post. That […]<\/p>\n","protected":false},"author":2,"featured_media":139848,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-139847","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/139847","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=139847"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/139847\/revisions"}],"predecessor-version":[{"id":147550,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/139847\/revisions\/147550"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/139848"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=139847"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=139847"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=139847"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}