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- Recur had initially launched with a significant push featuring Hello Kitty and Friends last July.
- The company will be gradually phasing out key features from its platform.
Last week, the NFT company Recur revealed that its Web3 platform is closing down, having fallen victim to the crypto winter despite hosting the intellectual property of several prominent brands, such as Hello Kitty and Nickelodeon.
Recur stated in a blog entry that it will begin to systematically eliminate key functionalities from its platform over the next few months. This will include the ability to buy and sell collectibles on Recur-hosted marketplaces and to withdraw NFTs from Recur.
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The recent difficulties faced by the NFT sector, as companies confront a decrease in interest for digital collectibles, are evident in Recur’s decision. After launching with a bold initiative involving Hello Kitty and Friends last July, Recur has been compelled to take these measures.
Additionally, in the same July, Recur noted a significant demand for their TV Packs, which featured profile-picture NFTs of Nickelodeon characters. However, Recur has now declared that starting in November, pack openings will no longer be available.
Established in 2021, Recur aimed to provide other businesses with Web3 “building blocks.” According to the platform’s website, it can be utilized to create digital collectibles, loyalty programs, and in-game assets utilizing NFTs.
Nifty, which transitioned from a social network to a platform for Web3 creators, has recently announced its closure, and now Recur has followed suit. Over 380,000 NFTs have been minted through Recur, and the company has indicated plans to make modifications to ensure the continuation of these digital assets.
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