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Nickelodeon NFT Creator Recur Shutters Its Platform – Accused Of Hard Rug Pull

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Nickeledion NFTs
Nickeledion NFTs

Recur, the digital asset incubation studio and the team behind non-fungible token collections such as Hello Kitty and Nickelodeon, has announced shuttering its trading platform. In this article, we shall look at the future of Nickelodeon and other NFTs now that the digital asset firm has locked its platform.

Recur Shutters Its Trading Platform

In an August 18 blog post, the web3 platform Recur confirmed shuttering down its NFT market platform, describing its bearish move as a tough decision. The Nickelodeon and Hello Kitty NFT creator has set a final closer date on November 16, 2023.

Established in 2021, Recur is a Web3 platform known for assisting major enterprises in launching innovative, multi-chain digital collectible experiences. The digital asset firm has launched some of the most popular NFT projects, including Rugrats, Hello Kitty, Star Trek, Hey Arnold, and Nickelodeon NFTs.

In a short presser, the digital asset firm cited “unforeseen challenges and shifts in the NFT space” as the reason for its closing, adding that it made it increasingly difficult for them to “continue providing the level of service and dedication that they have always strived to maintain.”

Crypto investors have until mid-November to offload their outstanding balances using the USDT feature on Non-fungible token collectors holding NFTs have been advised to transfer their NFTs to another self-custodial wallet before the open window close down.

In the meantime, Recur has halted all cross trading among different blockchains. The web3 firm has announced to have removed all NFT metadata and media to Filecoin’s decentralized storage network before the end of November this year. This decentralized storage protocol will ensure NFT metadata remains accessible on the platform.

The future of crypto projects, both “Powered by RECUR” and “Built on RECUR,” remains in the hands of their respective communities and brands. In that case, some might opt for transferring full ownership of their smart contracts, while others resort to IPFS for scheduled accessibility.

Recur Accused Of Hard Rug Pull

Recur’s recent bearish announcement has attracted the sentiment of many crypto users and non-fungible token investors and founders, with a series of them describing the shutdown as a simple rug pull. While airing his sentiment on Twitter, Ash Robin, the founder of Syntax Studios and Kanto Labs, remarked:

“Recur, creators of the Nickelodeon and Hello Kitty NFTs, is pulling the hard rug and shutting down. They made millions of dollars, provided absolutely nothing to holders, and then they woke up one day after a year of selling these NFTs and said hey, we have some “unforeseen challenges and shifts in the business landscape.”

Robin has supported his speculation, citing that most of Recur’s non-fungible tokens have been selling below $1, and Nickelodeon’s NFT Twitter account has not tweeted since November. In related reports, non-fungible token marketplace Orica was accused of rull pull earlier this week.

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