Recur, once a pioneer of NFT drops, the company behind NFT collections of Hello Kitty, Rugrats, TMNT, Star Trek, Mean Girls, The Godfather, and others is shutting down.
No support from esteemed figures, including Gary Vaynerchuk, Jason Derulo, Joe Lubin, and Steve Cohen, owner of the New York Mets, as investors was enough.
Recur has elected to discontinue its operations, citing shifts within the market dynamics as the driving force behind this strategic decision. This decision sparked a cascade of scrutiny aimed at the company, primarily due to the considerable shortfall in fulfillment of the commitments associated with nearly all launched NFT collections. A conspicuous trend of neglect is discernible across the company’s social media platforms.
Nickelodeon NFT Twitter’s latest tweet was in Nov 2022.
Several NFT series introduced by Recur have remained unnoticed for months and struggled to make any sales, causing concern and worry. Consequently, Recur’s own NFT offering has sustained a notable plummet both in terms of transaction volume and valuation.
The Star Trek collection had only one registered sale on the OpenSea, ever.
This instance underscores that IP isn’t enough to sustain the interest and prices of your NFTs, constant communication with holders, and the development of your IP is important. And yeah, you have to deliver on your promises.
Source: mPost
