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Recur, a distinguished NFT platform backed by hedge fund mogul Steve Cohen, has determined to wind down its Web3 platform operations, regardless of having raised $50 million in a collection A funding spherical in late 2021 at a valuation of $333M.
This resolution was outlined in an announcement from Recur on Twitter:
“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.”
Recur’s shutdown is simply the newest closure of distinguished NFT startups. Earlier this month, NFT creator portal Nifty’s, backed by such business heavyweights as Mark Cuban and Joseph Lubin, additionally shut its doorways because the NFT market continues to wrestle.
Steve Cohen, the founding father of hedge fund Point72, sat on Recur’s board and demonstrated his religion within the platform by investing by way of Digital, an funding fund that focuses on metaverse tasks. Recur additionally garnered help from notable traders and types, together with the Winklevoss brothers, Joseph Lubin, Nickelodeon, and Delphi Ventures.
Recur’s path ahead will see a gradual phasing out of core options. Primary and secondary gross sales had been disabled on August 18, 2023, marking a transparent departure from the platform’s normal operations. The remaining web site features are set to stop completely by November 16, 2023.
Users who’ve invested in NFTs on the Recur platform will retain entry to their digital belongings. Recur has introduced that NFTs will probably be migrated to the InterPlanetary File System (IPFS) decentralized storage protocol.