1. BITBILIHome
  2. Article

Popular Web3 platform Recur to shut down its NFT platform despite $50 million raise

• 170 views

TL;DR Breakdown

  • Recur, a Web3 platform, is discontinuing its platform despite raising $50 million in 2021, citing unforeseen challenges.
  • Users must transfer NFTs from Recur to self-custodial wallets by November 16, and all NFT media will move to the InterPlanetary File System (IPFS) by November 22.

Description

Recur, a prominent Web3 platform known for hosting big-name IPs like Hello Kitty and Nickelodeon, announced the discontinuation of its platform on August 18. Despite raising $50 million and being valued at $333 million in late 2021, the company cited unforeseen challenges and shifts in the business landscape as the reason for its closure. Founded … Read more

Recur, a prominent Web3 platform known for hosting big-name IPs like Hello Kitty and Nickelodeon, announced the discontinuation of its platform on August 18. Despite raising $50 million and being valued at $333 million in late 2021, the company cited unforeseen challenges and shifts in the business landscape as the reason for its closure.

Founded in 2021, Recur had embarked on ambitious projects, including a “jet-setting NFT experience” with Hello Kitty and Friends. The platform was used for creating in-game assets, loyalty programs, and digital collectibles leveraging NFTs. However, a downturn in the popularity of digital collectibles and other unforeseen challenges led to the company’s decision to wind down its operations.

What happens to users’ assets?

Users concerned about their balances can cash out using the USDC feature on portal.recur.com until a stipulated date, and balances, including top-ups, can be withdrawn starting August 31. Those owning NFTs on Recur have been advised to transfer their assets to their preferred self-custodial wallets before November 16, as transfers across different blockchains will no longer be feasible.

Recur also plans to move all NFT media and related metadata to the InterPlanetary File System (IPFS) by November 22, 2023. This decentralized storage protocol will ensure continuous retrievability of data, even in Recur’s absence, with assets being hosted on the Filecoin decentralized storage network. Unopened packs post-November will persist as NFTs, but their opening will be restricted.

The future of projects both “Powered by Recur” and “Built on Recur” remains in the hands of their respective communities and brands. Some might opt for transferring full ownership of their smart contracts, while others may resort to IPFS for ongoing accessibility.

Recur’s closure follows a similar move by Nifty’s, a social network turned Web3 creators portal, which also announced its shutdown. With over 380,000 NFTs minted through Recur, the firm’s decision to migrate metadata and media to IPFS and Filecoin’s network ensures that various digital collectibles will live on.

Recur’s sudden end, despite significant funding from notable names like investor Gary Vaynerchuk, Gemini’s Tyler and Cameron Winklevoss, and Ethereum co-founder Joe Lubin, serves as a stark reminder of the unpredictable nature of the crypto industry. 

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:Popular Web3 platform Recur to shut down its NFT platform despite $50 million raise

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年8月22日 04:31
Next 2023年8月22日 06:49

Related articles

  • Polkadot price analysis: DOT increases value at $5.29

    TL;DR Breakdown Polkadot price analysis is bullish today. The strongest resistance is present at $5.46. The strongest support is present at $5.23. Polkadot price analysis reveals a relatively upbeat approach today; the price has gained most of its lost value. In recent days, there has been a notable upsurge in the overall market sentiment favoring DOT (Polkadot), leading to a significant appreciation in its value. On May 25, the cryptocurrency witnessed an abrupt increase from $5.16 to $5.28. Subsequently, it sustained positive momentum throughout the day, ultimately rebounding to a peak value of $5.29. On May 27, 2023, the price of DOT reached significant heights, reaching a pinnacle of $5.29 and maintaining this elevated level throughout the day. Currently, the cryptocurrency’s price exhibits relative stability, hovering around $5.29. Polkadot’s present market conditions indicate that it is currently priced at $5.30, with a trading volume of $158.68 million over the past 24 hours. Its market capitalization stands at $5.23 billion, and it holds a market dominance of 0.46%. Notably, the price of Polkadot has experienced a 1.29% increase in the last 24…

    Article 2023年5月29日

  • Twitter’s transformation strategy is not that impressive

    TL;DR Breakdown Twitter plans to focus on video, creator, and commerce partnerships to revitalize its business beyond digital advertising. The move comes amid chaos following Elon Musk’s acquisition of Twitter last year. New CEO Linda Yaccarino has started talks with influencers and payment services to establish potential alliances. Description Twitter’s aspiration to rejuvenate its business extends beyond just digital advertising, as it eyes the expansive horizons of video, creator, and commerce collaborations. However, the grandeur of this vision might not match up to the reality on the ground, raising questions about the platform’s true potential. Twitter’s reliance on digital advertising Linda Yaccarino, the newly … Read more Twitter’s aspiration to rejuvenate its business extends beyond just digital advertising, as it eyes the expansive horizons of video, creator, and commerce collaborations. However, the grandeur of this vision might not match up to the reality on the ground, raising questions about the platform’s true potential. Twitter’s reliance on digital advertising Linda Yaccarino, the newly appointed CEO who took the helm on June 5, has been initiating preliminary talks with influencers from the…

    Article 2023年6月20日

  • OpenAI launches $1 million grant program to combat cybercrime with AI-powered solutions

    TL;DR Breakdown OpenAI has launched a cybersecurity grant program worth $1 million to combat cybercrime by leveraging AI-driven technologies. OpenAI aims to measure the effectiveness of AI-driven cybersecurity models. The company emphasizes the importance of collaboration and open dialogue in the battle against cybercrime. OpenAI, the renowned creator of AI marvels such as ChatGPT and Dall-e, has taken a meaningful step forward in the fight against cybercrime. Recognizing the growing threat posed by malicious actors leveraging artificial intelligence (AI) technology for nefarious purposes, the company has announced a groundbreaking cybersecurity grant program worth $1 million. This ambitious initiative aims to bolster and measure the impact of AI-driven cybersecurity technologies, ensuring that positive forces remain at the forefront of the digital arms race. The need for urgent action has never been more apparent with the rise of deep fakes and malware. OpenAI has long emphasized AI regulation’s regulation’s importance in countering potentially malicious applications. Now, the company is backing its words with action, determined to prevent the negative consequences of AI from falling into the wrong hands. OpenAI’s innovative grant program…

    Article 2023年6月7日

  • What if the BRICS and the SCO merge? – What then?

    TL;DR Breakdown The idea of BRICS merging with the Shanghai Cooperation Organization (SCO) has been suggested as a possibility by an Indian analyst. The resulting entity from such a merger would have more clarity, strength, and could influence the international stage significantly. Both BRICS and SCO have similar overarching objectives and their combination could be a powerful entity in global politics. Description Global geopolitics has long been a game of intricate chess, with power blocs rising and falling, forging alliances, and pushing their agendas. The current climate of international relations and global conflict – a setting that one Indian analyst boldly labels as the onset of World War III – presents us with a thought-provoking question: What … Read more Global geopolitics has long been a game of intricate chess, with power blocs rising and falling, forging alliances, and pushing their agendas. The current climate of international relations and global conflict – a setting that one Indian analyst boldly labels as the onset of World War III – presents us with a thought-provoking question: What would happen if the BRICS…

    Article 2023年8月8日

  • Apple earns favorable Supreme Court ruling against Epic Games

    TL;DR Breakdown Apple has earned a temporary ruling granted by the Supreme Court against Epic Games. App Store rules remain intact as the legal tussle continues. Description In a significant twist in the prolonged legal clash between Epic Games, the creator of Fortnite, and tech giant Apple, a U.S. Supreme Court justice has intervened to temporarily suspend a ruling from the Ninth Circuit Court of Appeals. The move provides Apple with the opportunity to appeal the decision to the highest court and … Read more In a significant twist in the prolonged legal clash between Epic Games, the creator of Fortnite, and tech giant Apple, a U.S. Supreme Court justice has intervened to temporarily suspend a ruling from the Ninth Circuit Court of Appeals. The move provides Apple with the opportunity to appeal the decision to the highest court and enables the company to uphold its current App Store regulations, which restrict iOS apps from offering users access to external payment methods or marketplaces. Supreme Court suspends Court of Appeals ruling The postponement, initiated by Justice Elena Kagan, offers Apple…

    Article 2023年8月11日
TOP