Crypto News – Less than two years after raising $50 million in a Series A fundraising round, NFT platform Recur has made the decision to shut down. The shutdown will happen in stages, starting on August 18 with the disablement of sales and ending on November 16 with the termination of all site operations.
NFT Platform Recur Announces Closing in the Near Future
The notice outlines a phased shutdown of the platform’s operation, starting on August 18, 2023, with the disablement of primary and secondary sales.
All remaining site functionalities will be discontinued by November 16, 2023. Moreover, the creation of new user accounts has ceased.
Why is the Platform Shutting Down?
After earlier fundraising successes, including a $5 million seed round and a $50 million Series A capital at a valuation of $333 million, the decision to close has been made. The team claimed unforeseen difficulties and changes in the business environment, albeit the precise causes of the halt have not been made public.
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