NFT platform Recur has revealed plans to cease operations less than two years after securing $50 million in a Series A funding round.

The company has detailed a structured shutdown of the platform, commencing with the suspension of primary and secondary sales from Aug. 18, 2023.

The registration of new user accounts has already been discontinued, and all remaining site functionalities will end by Nov. 16, 2023.

Recur has issued guidance for users on withdrawing NFTs and the redemption of any remaining balances. A significant part of the shutdown process is the transfer of metadata for NFTs minted directly on Recur to the InterPlanetary File System (IPFS).

This decentralized storage protocol will make the data accessible, ensuring that information related to users’ NFTs will be available even after the platform’s closure.

Recur’s decision to cease operations follows previous successful fundraising efforts, including a $5 million seed round and the substantial $50 million Series A funding, which valued the company at $333 million.

The reasons behind the closure remain undisclosed, but the team has alluded to unexpected challenges and changes in the business environment.

The announcement coincides with a general downturn in the NFT market. Figures from CryptoSlam reveal that the total value of NFT sales on Ethereum has dropped significantly from over $4.9 billion in January 2022 to roughly $272 million in July 2023.