RECUR, Who Brought Fans 'Star Trek' NFTs in April, Is Shutting Down

Image: RECUR.

AUGUST 21, 2023 - NFT-based experience platform RECUR, which drew fan ire when it partnered with Paramount to create a line of Star Trek NFTs, has unveiled a comprehensive deprecation timeline for its Powered by RECUR and Built on RECUR experiences. This timeline outlines the gradual phasing out of various functionalities, account creation, and access to NFTs on their platform.

For those who don’t know, an NFT, or Non-Fungible Token, represents a person’s ownership of digital or real-world assets. In this case, Paramount offers Trek fans NFTs to digital collectibles.

The timeline, which is subject to change and will be updated as needed, includes the following key dates and actions:

August 18, 2023

Powered by RECUR Experiences:

• Main transactional functionality, such as primary sales and secondary sales, will be disabled.

• New primary sales cannot be created.

• End users cannot perform secondary market trades on the RECUR-hosted marketplace.

• Existing marketplace asks will be delisted from the RECUR-hosted marketplace.

• End users can continue to withdraw their NFTs to on-chain wallets and cash out any redeemable balance accrued prior to August 31, 2023.

• New user account creation will be disabled from RECUR-hosted websites. Users with accounts created prior to this date can still log in.

August 31, 2023

Built on RECUR Experiences:

• Main transactional functionality, such as primary sales and secondary sales, will be disabled.

• New primary sales cannot be created.

• End users cannot perform secondary market trades on the RECUR-hosted marketplace.

• Existing marketplace asks will be delisted from the RECUR-hosted marketplace.

• End users can continue to withdraw their NFTs to on-chain wallets and cash out any redeemable balance accrued prior to this date.

• New user account creation will be disabled from RECUR-hosted websites. Existing users can still log in.

• All experiences, regardless of being Powered by RECUR or Built on RECUR, will allow users to withdraw any previously topped up balance starting from this date.

November 9, 2023

• NFT deposits into RECUR will be disabled.

November 16, 2023

• All remaining site functionality will be disabled. This includes NFT withdrawals, USDC cash outs, and pack openings.

• RECUR-hosted websites will go offline.

By November 22, 2023

• All NFT media and attributes will be migrated to IPFS (InterPlanetary File System). This decentralized storage protocol will ensure the retrievability of data without relying on RECUR. Assets will be hosted using the Filecoin decentralized storage network.

These changes will have implications for users' NFT holdings and balances. Users are advised to withdraw their NFTs to self-custodied wallets on their chosen blockchain before November 16, 2023, to retain access. Any unopened packs must be deposited on portal.recur.com and opened before November 16, 2023, as packs will become non-openable after this date.

Both the "Powered by RECUR" and "Built on RECUR" experiences will have different paths moving forward. Brands "Powered by RECUR" will decide how they manage their intellectual property, while RECUR is offering "Built on RECUR" customers the option to take ownership of their smart contracts to continue their experiences independently.

This deprecation timeline marks a significant shift in the NFT landscape and users are encouraged to follow updates and announcements from the respective communities for further guidance on what's next.