Recur to shut down less than two years after raising $50 million in Series A

Recur, the non-fungible token platform, has announced its decision to shut down less than two years after raising $50 million in a series A funding round. Recur has provided instructions for users regarding users' withdrawal of NFTs and the cashing out of redeemable balances. A notable aspect of the shutdown process is the migration of metadata of NFTs minted directly on Recur to the InterPlanetary File System. While the specific reasons for the shutdown have not been publicly disclosed, the team cited “unforeseen challenges and shifts in the business landscape." The NFT market has experienced a downtrend over the last year.

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