Recur, an NFT startup that partnered with big brands like Hello Kitty and Nickelodeon, has announced that it will close its Web3 platform.
The company blamed the crypto winter for its decision, which made it hard to sustain its operations.
Recur will gradually shut down its core features, such as NFT withdrawals, stablecoin cash-outs, and collectible trading on its marketplaces, over the next few months.
The company said it did not anticipate these challenges and cited changes in the business environment.
Recur also plans to move its NFTs’ metadata and media to the IPFS and store other assets on Filecoin’s network, to preserve the digital collectibles. Recur Pass, which used to offer early access to NFTs and had a high value, has lost much of its worth.
Recur was valued at $333 million in late 2021 after raising $50 million in a Series A funding round, but now it has to face the tough choice of shutting down.
