RECUR, a Web3 platform best known for its big-name IPs like Rugrats and Hello Kitty, announced the discontinuation of its platform on August 18. Echoing the gravity of the decision, RECUR stated on Twitter that it was not an easy decision.
They cited “Unforeseen challenges and shifts in the business landscape” as the reason for its closing, adding that it made it increasingly difficult for them to “continue providing the level of service and dedication that [they] have always strived to maintain.”
What will happen to your NFTs and balances?
Users concerned about their balances can cash out using the USDC feature on portal.recur.com until the stipulated date. Moreover, balances, including top-ups, can be withdrawn starting August 31.
Those owning NFTs on RECUR have been advised to transfer their assets to their preferred self-custodial wallets before November 16. RECUR has added that transfers across different blockchains will no longer be feasible.
In addition, RECUR plans to move all NFT media and related metadata to IPFS by November 22, 2023. This decentralized storage protocol will ensure continuous retrievability of data, even in RECUR’s absence, with assets being hosted on the Filecoin decentralized storage network.
Unopened packs post the November cutoff will persist as NFTs, but their opening will be restricted. The metadata for NFTs, however, will remain accessible thanks to the migration to IPFS.
The future of projects both “Powered by RECUR” and “Built on RECUR” remains in the hands of their respective communities and brands. While some might opt for transferring full ownership of their smart contracts, others may resort to IPFS for ongoing accessibility.
This announcement from RECUR serves as a solemn testament to the volatile nature of the NFT space where unforeseen circumstances can compel even the stalwarts to reevaluate their trajectories.