Recur, an NFT startup known for hosting big brands like Hello Kitty and Nickelodeon, has announced that it is shutting down its Web 3 platform due to challenges in the cryptocurrency industry landscape.
As such, over the coming months, the Rekor platform will discontinue its core features, including the ability for users to withdraw NFTs, cash out stablecoin balances, and trade collectibles on Rekor-hosted marketplaces. This move reflects the recent difficulties that NFT companies have faced; Because the popularity of digital collections has stagnated.
Rekord had started NFT initiatives with Hello Kitty and Nickelodeon and had great initial success. Founded in 2021, Rekor provided businesses with the Web 3 building blocks that allowed them to create in-game assets, loyalty programs, and digital collectibles using NFTs.
To ensure the continued existence of the various digital collections created through Rekord, the company plans to migrate its metadata and NFT media to the Interplanetary File System (IPFS) and host other assets on the Filecoin network.
This record decision follows the deactivation of other NFT platforms like Nifty’s, which also had a prominent media presence. While the NFT space has grown significantly, it has also become increasingly competitive and subject to market volatility. In the meantime, some companies have also started to re-evaluate their strategies and operations.
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