- NFT platform Recur has started disabling some services in preparation for a total shutdown
- Recur cited the prolonged bear market in the NFT space and a changing web3 landscape as the main reason for the decision
- Recur’s gradual shutdown comes days after another NFT platform, Nifty’s, abruptly halted operations
NFT platform hosting Nickelodeon NFTs Recur has announced that it has gradually started winding down. The platform noted that the decision was influenced by difficulty maneuvering the bear market and keeping up with a changing web3 landscape. Recur’s move comes three weeks after NFT marketplace Nifty abruptly halted operations and blamed a difficult market with limited resources for the move.
Shutdown Has Already Started
In a tweet, Recur said that the decision was influenced by “unforeseen challenges and shifts in the business” space.
<blockquote class=”twitter-tweet”><p lang=”en” dir=”ltr”>This decision has not been an easy one.<br><br>However, 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.</p>— RECUR (@RecurForever) <a href=”https://twitter.com/RecurForever/status/1692633347145818295?ref_src=twsrc%5Etfw”>August 18, 2023</a></blockquote> <script async src=”https://platform.twitter.com/widgets.js” charset=”utf-8″></script>
The platform revealed that the gradual shutdown started on August 18 when it disabled primary sales, secondary sales and new account creation on platforms “powered by Recur experiences.
According to Recur’s timeline, the slow switch off will extend until November 22. Within this period, the platform will have disabled key functionalities such as NFT deposits and withdrawals, pack opening, USDC cash outs and pulling down Recur-hosted websites.
The project will however migrate digital artworks and their attributes to a Recur-independent platform IPFS (InterPlanetary File System) in particular the “Filecoin decentralized storage system.”
Brands to Manage Their Own Projects
Recur has disclosed that NFT creators on the platform will have to choose “how they want to license and manage their intellectual property moving forward.” The platform has encouraged collectors to withdraw their funds and artworks to self-hosted wallets before the functionalities become unavailable on November 16.
The changing web3 and NFT landscape has seen multiple firms in the space lay off employees to stay afloat while others like OpenSea are scraping off their on-chain royalty enforcement tool in a move seen as a way to boost its competitiveness.
With a prolonged bear market, it’s likely that more web3 platforms will either scale down operations or shut down.
