See More

Recur Becomes Latest NFT Company to Call It Quits as Market Slumps

2 mins
Updated by Geraint Price
Join our Trading Community on Telegram

In Brief

  • NFT marketplace Recur will cease accepting NFT deposits from Nov. 9 due to a prolonged market slump.
  • Customers must withdraw their NFTs and top-up balances into self-custodial wallets before Nov. 16.
  • Valued at $333 million in 2021, Recur offered crypto, credit, and debit card payments for chain-agnostic NFTs.
  • promo

Non-fungible token (NFT) marketplace Recur will soon be deprecated after a prolonged market slump that forced other companies to strengthen their business through community efforts. Starting on Nov. 9, the platform will no longer accept NFT deposits and will send any remaining media and metadata to the Filecoin network.

Customers must withdraw NFTs and top-up balances into self-custodial wallets before Nov. 16. After that, they won’t be available from the Recur marketplace.

NFT Market Slump Claims RECUR and Nifty’s Marketplace in Quick Succession

Valued at $333 million in 2021, Recur rode the last bull market that saw NFTs garner mainstream attention. Digital, an investment company backed by the family office of hedge fund mogul Steve Cohen, led Recur’s Series A funding round with a $50 million investment.

After targeting college sports collectibles, the company partnered with ViacomCBS to offer NFTs from CBS, MTV, Showtime, Paramount Pictures, BET, Nickelodeon, and Comedy Central. Its marketplace offered chain-agnostic NFTs in exchange for cryptocurrencies and traditional payment cards.

What exactly is an NFT? Read our handy guide here.

Earlier this month, the Web3 creator portal Nifty’s confirmed its imminent shutdown. Backed by billionaire Mark Cuban and Joseph Lubin of ConsenSys, the company raised $10 million in startup funding.

Initially, it offered NFTs from Space Jam, a 1996 film from Warner Bros., and later expanded offerings to include intellectual property from The Matrix and Game of Thrones. Amid widespread ridicule, the company pivoted to a Web3 content-creation platform.

Bear Market Forces Companies to Rethink Community

The NFT market has slumped since the heady days of 2021. Back then, individual pieces could be bought for multi-million dollar sums.

However, the realities of high US interest rates and the bear market caused by major crypto firms’ collapses have slashed some collections’ values. Despite attracting multi-million dollar price tags in 2021, individual NFTs from Bored Ape Yacht Club now sell for less than $50,000.

NFT marketplace RECUR shuts down as businesses feeling the brunt of an 80% decline in sales turn to community initiatives.
Sales volume declined by almost 80% since bull market peak | Source: CryptoSlam

Long-term, NFT businesses are creating real-world utility and strengthening communities to stay afloat. Doodles, the company behind an NFT collection with the same name, recently launched a pop-up experience with family company Camp.

Yuga Labs, the company behind Bored Ape Yacht Club, recently unveiled a new “Made for Apes” badge that NFT owners can use to commercialize their NFT’s IP. It will also hold ApeFest, a physical community gathering in Tokyo later this year.

Got something to say about the shutdown of the Recur NFT marketplace, the expansion of the NFT community, or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTokFacebook, or X (Twitter).

Top crypto platforms in the US | March 2024

Trusted

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

David-Thomas.jpg
David Thomas
David Thomas graduated from the University of Kwa-Zulu Natal in Durban, South Africa, with an Honors degree in electronic engineering. He worked as an engineer for eight years, developing software for industrial processes at South African automation specialist Autotronix (Pty) Ltd., mining control systems for AngloGold Ashanti, and consumer products at Inhep Digital Security, a domestic security company wholly owned by Swedish conglomerate Assa Abloy. He has experience writing software in C,...
READ FULL BIO
Sponsored
Sponsored