Recur Announces Shutdown: What’s Next for Hello Kitty, Star Trek, and Nickelodeon NFTs?
In Brief
Recur, once a pioneer of NFT drops, the company behind Hello Kitty, Rugrats, TMNT, Star Trek, Mean Girls, The Godfather, and others is shutting down.
NFT collections launched by Recur struggled to generate any sales.
Recur, a former leader in NFT drops and the company responsible for NFT collections like Hello Kitty, Rugrats, TMNT, Star Trek, Mean Girls, The Godfather and more, is closing its operations. The company announced that it 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 noticeable trend of neglect has also been evident across the company’s social media channels.
Nickelodeon NFT Twitter’s last tweet was back in Nov 2022.
Multiple NFT series launched by Recur have gone unnoticed for months, struggling to secure sales and causing significant concern. As a result, Recur’s own NFT offering has experienced a substantial decline in transaction volume and valuation.
The Star Trek collection had only one registered sale on the OpenSea, ever.
This case highlights that having intellectual property (IP) alone is insufficient to maintain the interest and prices of your NFTs. Consistent communication with holders and the ongoing development of your IP are crucial. Additionally, it’s imperative to fulfill the commitments you’ve made.
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Serial crypto entrepreneur, VC fund partner, and CEO of the Metaverse Post.
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