The NFT market, Recur has announced it is shutting down due to ‘unforeseen challenges’ and changes in ‘business landscape.’ The platform’s all services will fold on November 16, 2023.
In the announcement on X, the platform said, “unforeseen challenges and shifts in the business landscape have made it increasingly difficult for us to continue providing the level of service and dedication that we have always strived to maintain.”
Its forum states that the platform stated disabling features since 18 August with the final step scheduled on November 22 when all its NFT media and attributes will be migrated to IPFS. It will allow the withdrawal of the topped up balance in the USDC until 16th November.
Recur raised a $50 million funding in Series A round in September, 2021 at $333 million valuation. The NFT platform had support from prominent investors such as Gemini’s Winklevoss Twins, Gary Vaynerchuk, Joe Lubin alongside VC firms including DeFi Alliance, JST Capital and several others.
Recur also had partnerships with high-profile clients including Movie distributor studio Paramount and cartoon channel Nickelodeon.
As the platform said ‘changes in business landscape,’ it describes that the NFT market has experienced a major downturn.
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