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• NFT platform Recur announced the gradual wind down of its operations and functionality on August 18, 2023.
• The startup had secured a $50 million series A funding round in 2021.
• All NFT activity will be disabled by November 16, with metadata migrated to IPFS.
NFT Platform Recur Shuts Down
Recur, an NFT startup that attracted over $50 million in its series A financing round in 2021, is shutting down. The platform announced the deprecation of its Web3 functionality on Friday, telling users that the gradual shut down will end with complete disabling of all metadata and migration to IPFS on November 22, 2023.
Shut Down Timeline
Details of the eventual closure indicate a timeline that began on August 18, 2023 with the disabling of RECUR-powered functionality including primary and secondary NFT sales. However, end users will still be able to withdraw NFTs to on-chain wallets as well as cash out balances accumulated before August 31, 2023. Starting November 9, 2023, Recur will disable NFT deposits and other functionality including withdrawals and USDC cash outs a week later.
Migrating To IPFS
According to the Recur team, NFT metadata and graphical assets transitioned to IPFS will be accessible and retrievable. IPFS (InterPlanetary File System) is a peer-to-peer file sharing protocol that enables data retrieval without the need for the Recur platform. Users will also get details on Filecoin’s decentralized storage network when migrating their data to IPFS according to Recur’s announcement.
Turn Of Events
The challenges faced by Recur come less than two years after their financing round making them one of many NFT-focused startups who have folded due to prolonged crypto winter effects this year.
Acknowledgement From The Team
The team expressed their gratitude towards all users who were part of this journey saying “We want to extend our heartfelt thanks to each and every one of you for being an integral part of the RECUR community”