Just when you thought the world of NFTs was smooth sailing, here comes a thunderbolt from the sky! RECUR, the Web3 titan known for hosting illustrious IPs like 'Rugrats' and 'Hello Kitty', has made a jaw-dropping announcement. On August 18, they broke the news of their platform’s discontinuation, sending ripples across the blockchain universe!
In a tweet tinged with remorse, RECUR mentioned "unforeseen challenges and shifts in the business landscape" as the culprits. Apparently, these disruptions made it a Herculean task for them to maintain the high-quality service we've all come to love.
Today, with heavy hearts, we must share some difficult news.
— RECUR (@RecurForever) August 18, 2023
After much contemplation and consideration, we’ve decided to deprecate the RECUR platform, effective November 16, 2023.
Learn more: https://t.co/5NbiTQSAGo
Chill, they've got you covered. You can still cash out your balances using the USDC feature on portal.recur.com until a specified date. Plus, you can start withdrawing any topped-up balances beginning August 31.
For those of you clutching onto your prized NFTs, listen up! You've got until November 16 to move them to your preferred self-custodial wallets. After that, no more blockchain-hopping for your digital treasures!
Fear not, your NFTs won't vanish into the digital abyss. RECUR has vowed to transfer all media and metadata associated with the NFTs to IPFS by November 22, 2023. This means your assets will still be reachable, thanks to the Filecoin decentralized storage network.
Brands and communities with projects “Powered by RECUR” or “Built on RECUR” have a decision to make. They can either transfer full ownership of their smart contracts or stick with IPFS for long-term accessibility.
So there you have it, folks! RECUR's farewell is a sobering reminder that the NFT landscape is as unpredictable as it is exciting. Be smart, take action, and as always, keep those digital assets safe!
