Recur Announces Closure: What Lies Ahead for Fans of Hello Kitty, Star Trek, and Nickelodeon NFTs?
In Brief
Recur, a former leader in the NFT field and the company behind beloved collections like Hello Kitty, Rugrats, TMNT, Star Trek, Mean Girls, and The Godfather, has announced its shutdown. They indicated that this move was due to significant changes in market dynamics.
NFT collections initiated by Recur faced substantial difficulties, failing to achieve meaningful sales.
Recur, which has been a key player in launching NFT collections such as Hello Kitty, Rugrats, TMNT, Star Trek, Mean Girls, and The Godfather, is officially ceasing operations. They stated that market shifts are the primary reason for this decision, which has prompted a wave of criticism regarding their inability to meet nearly all their previous NFT commitments. Additionally, a noticeable lack of engagement can be seen across their social media platforms.
Recur, known for creating the Nickelodeon and Hello Kitty NFTs, is making a sharp exit 🤯
Several NFT series released by Recur have gone largely unnoticed over the past few months, leading to minimal sales and raising serious concerns. Consequently, the transaction volume and overall value of Recur’s NFT offerings have plummeted.
The Star Trek collection recorded only a single sale on OpenSea, ever.
This situation underscores the fact that simply owning valuable intellectual property is not enough to sustain interest and price stability for your NFTs. It's vital to maintain ongoing communication with your holders and to keep developing your intellectual property. Furthermore, fulfilling your commitments is absolutely essential.
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Disclaimer
In line with the Trust Project guidelines A serial entrepreneur in the crypto space, partner at a venture capital fund, and the CEO of Metaverse Post.
