The company has outlined a structured closure of the platform, beginning on August 18, 2023 with the cessation of primary and secondary sales.

The registration of new user accounts has already been discontinued, and by November 16, 2023, all residual site functionality will cease.

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Recur has provided users with instructions for withdrawing NFTs and redeeming any remaining balances. Transferring the metadata of NFTs created directly on Recur to the InterPlanetary File System (IPFS) constitutes a significant portion of the closure procedure.

This decentralized storage protocol will make the data accessible, ensuring that data pertaining to users' NFTs will be accessible even after the platform has been shut down.

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Recur's decision to cease operations is a result of its prior effective fundraising efforts, which included a $5 million pilot round and a substantial $50 million Series A funding that valued the company at $333 million.

The reasons for the closure are currently unknown, but the team has alluded to unforeseen obstacles and changes in the business climate.

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The announcement coincides with a widespread market decline in NFTs. According to data from CryptoSlam, the total value of NFT sales on Ethereum has considerably decreased from over $4.9 billion in January 2022 to approximately $272 million in July 2023.