- Recur had started out on a grand push with Hello Kitty and Friends last July.
- The firm would be gradually removing essential functionalities from its platform.
Last week, the NFT firm Recur announced that its Web3 platform is shutting down, having succumbed to the crypto winter despite hosting the IP of numerous major names, like Hello Kitty and Nickelodeon.
Recur said in a blog post that it would be gradually removing essential functionalities from its platform over the following several months. That includes buying and selling collectibles on Recur-hosted marketplaces, and withdrawing NFTs from Recur.
NFT Market Struggle Continues
Recent challenges in the NFT industry, as firms deal with a decline in the appeal of digital collectibles, are reflected in Recur’s move. After starting out on a grand push with Hello Kitty and Friends last July, Recur has been forced to take these steps.
Moreover, in the same July, Recur reported enormous demand for their TV Packs, which included profile-picture NFTs of Nickelodeon characters. However, now Recur announced that beginning in November, pack openings would be inaccessible.
In 2021, Recur was established with the intention of providing other companies with Web3 “building blocks.” According to the website, the platform may be used to create digital collectibles, loyalty programs, and in-game assets that make use of NFTs.
Nifty, a social network turned platform for Web3 creators, has recently announced its closure, and now Recur has followed suit. Over 380,000 NFTs have been minted via Recur, and the company has announced plans to make adjustments to assure the presence of these digital assets.
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