The NFT startup Recur said on Friday that its Web3 platform is winding down—unable to weather the chills of crypto winter despite hosting the IP of several big brands like Hello Kitty and Nickelodeon.

Over the next several months, Recur’s platform will steadily lose its core features, the firm said in a blog post. That includes the ability for users to withdraw NFTs from Recur, cash out stablecoin balances, and trade collectibles on Recur-hosted marketplaces.

“​​This decision has not been an easy one,” the company said on Twitter, citing “unforeseen challenges and shifts in the business landscape.”

Recur’s announcement captures recent headwinds in the NFT space as companies navigate a downturn in the popularity of digital collectibles. Last July, Recur embarked on a “jet-setting NFT experience” with Hello Kitty and Friends, only for its ambitions to be grounded a little more than a year later. 

That same July, Recur Go to Source to See Full Article
Author: André Beganski

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