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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 determination was outlined in an announcement from Recur on Twitter:
“unexpected challenges and shifts within the enterprise panorama have made it more and more troublesome for us to proceed offering the extent of service and dedication that we’ve got at all times strived to take care of.”
Recur’s shutdown is simply the most recent 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 means of Digital, an funding fund that focuses on metaverse tasks. Recur additionally garnered assist 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. Main and secondary gross sales have been disabled on August 18, 2023, marking a transparent departure from the platform’s normal operations. The remaining website features are set to stop totally by November 16, 2023.
Customers who’ve invested in NFTs on the Recur platform will retain entry to their digital property. Recur has introduced that NFTs will likely be migrated to the InterPlanetary File System (IPFS) decentralized storage protocol.