Recur project to close two years after raising $50m

NFT-platform Recur announced it would cease operations on 16 November 2023. On 18 August the platform halted new user registrations and closed token sales.

From August 31, platform clients will be able to withdraw funds from their balances. To preserve NFTs they must transfer the tokens to their own wallets before shutdown.

By November 22, the Recur team plans to migrate NFT metadata and graphical assets to IPFS — a decentralised storage protocol. It is anticipated that this will preserve information after the platform closes. The assets will be hosted using the Filecoin network.

Recur described the decision to cease operations as \”not easy\”.

\n

\”However, due to unforeseen problems and changes in the business landscape, it has become increasingly difficult for us to maintain the level of service and commitment to which we have always strived,\” the developers said.

\n

\n\n\n

In September 2021, Recur closed a Series A round of $50m at a $333m valuation. The funds came from the Digital investment fund, supported by billionaire Steve Cohen’s family office.

\n\n\n

According to CryptoSlam, NFT sales volume on Ethereum in July was about $272 million. At its peak in January 2022 the figure exceeded $4.9 billion.

\n\n\n

According to Nansen, in July the total royalties earned by NFT creators from resales fell to a two-year low of around 1,000 ETH.