NFT platform Recur has announced its decision to close less than two years after raising $50 million in a Series A funding round.
its decision to shut down less than two years after raising $50 million in a series A funding round.
The announcement details a phased closure of the platform’s functionality, beginning with the disabling of primary and secondary sales from Aug. 18, 2023. New user account creation has been stopped, and all remaining site functions will cease by Nov. 16, 2023. Recur has provided instructions for users regarding users' withdrawal of NFTs and the cashing out of redeemable balances. A notable aspect of the shutdown process is the migration of metadata of NFTs minted directly on Recur to the InterPlanetary File System — a decentralized storage protocol that enables data to be retrievable.
This migration is expected to ensure that the information related to users’ NFTs will remain accessible even after the platform’s closure.The decision to close comes after previous fundraising success, including a $5 million seed round and the
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