RECUR, a Web3 platform best known for its well-known IPs such as Rugrats and Hello Kitty, announced the discontinuation of its platform on August 18. Following the seriousness of the decision, RECUR declared on Twitter that it was not an easy decision.
They cited “Unforeseen challenges and shifts in the business landscape” as the reason for the closure, adding that it was becoming increasingly difficult for them to “continue to provide the level of service and commitment that [they] always tried to keep.”
What happens to your NFTs and balances?
Users who are concerned about their balance can cash out up to the set date using the USDC feature on portal.recur.com. In addition, credits, including top-ups, can be withdrawn from August 31.
Those who own NFTs on RECUR have been advised to transfer their assets to their preferred wallet for self-custody before November 16. RECUR has added that transfers across different blockchains are no longer feasible.
In addition, RECUR plans to move all NFT media and related metadata to IPFS by November 22, 2023. This decentralized storage protocol ensures continuous retrieval of data even when RECUR is absent, with assets hosted on Filecoin’s decentralized storage network.
Unopened packs after the November close will continue to exist as NFTs, but their opening will be limited. However, the metadata for NFTs remains accessible thanks to the migration to IPFS.
The future of both “Powered by RECUR” and “Built on RECUR” projects remains in the hands of their respective communities and brands. While some choose to transfer full ownership of their smart contracts, others may resort to IPFS for continued accessibility.
This announcement from RECUR serves as a solemn testament to the volatile nature of the NFT space where unforeseen circumstances can force even the faithful to reevaluate their trajectories.