NFT Powerhouse Recur Shuts Down Abruptly
Recur, a startup that deals with special digital items called NFTs and has worked with popular brands like Hello Kitty and Nickelodeon, has announced that it will be closing down its special website. This decision comes even though they received a lot of money from investors and were valued at a high price.
They said they’re closing because they faced unexpected problems and changes in how things work in their business area. This news has surprised many people who are interested in NFTs and has made them wonder about the future of NFTs.
Story of Recur
Recur started in 2021 and became known for helping companies make special digital things using a new technology called Web3. These things could be used in video games, rewards programs, and digital collections. In 2021, they did a cool project with Hello Kitty and Nickelodeon characters, and many people wanted these special digital things.
However, after a little over a year, they decided to stop their main services. In the next months, the website will lose some important features, like letting people take out their special digital things, changing them into real money, and trading them with others on the website.
A lot of money was given to Recur in 2021, and they were said to be worth a huge amount, $333 million. This happened after a big investor named Steve Cohen gave them $50 million. Other famous people also gave them money.
Challenges in the NFT World
Closing down hasn’t been easy for Recur, as they said on Twitter. The market for special digital things has been changing a lot, and this has affected other similar websites, like Nifty’s. Nifty’s was a social network that changed into a place for special digital things, and even they announced they were stopping.
The fact that Recur is closing shows that even companies with a lot of money and important backers can have problems in the world of special digital things. This makes people think about whether these websites can last for a long time and what makes them succeed or fail.
Saving Special Digital Things
Even though Recur is closing, they have plans to keep some of the special digital things safe. They said that information about these things will be stored on a special network called IPFS, and other things will be kept on a network called Filecoin.
This is important because it shows that keeping special digital things safe is tricky and needs new kinds of networks. It also reminds us that we need strong solutions to make sure special digital things stay safe and easy to use, even if the website they were on stops working.
A Lesson for NFTs
Recur’s closing, even with lots of money and famous backers, is like a lesson for the world of special digital things. It shows that the market can be unpredictable and change a lot, and we need to be smart and flexible.
Moving the special things to new networks also teaches us something. As the world of special digital things keeps changing, we can learn from what happened with Recur and do things better in the future.