Recur, an NFT startup backed by hedge fund billionaire and Museum of Modern Art trustee Steve Cohen, has shut down after less than three years of operation. The company announced its closure in August, citing “unforeseen challenges and shifts in the business landscape” attributed to the current state of the NFT market.

Recur had gained prominence with partnerships with popular brands like Sanrio’s Hello Kitty and had developed custom web3 features for companies, including brand-specific NFTs, game assets, and loyalty programs. They also introduced a royalties feature allowing artists and creators to earn from recurring sales of their content across different NFT marketplaces.

Despite its notable partnerships and previous valuation at $333 million after a $50 million investment from Cohen’s fund Digital in 2021, Recur struggled to sustain itself in the challenging NFT market environment. This closure reflects the difficulties faced by several NFT platforms, including Nifty’s and Tessera, which also ceased operations earlier due to financial concerns.

Earlier in the year, Recur faced a class action lawsuit from former employees who alleged violations of the Worker Adjustment and Retraining Notification (WARN) Act after the company conducted two mass layoffs in 2022, reducing its workforce significantly.

Recur allowed its users to withdraw their NFTs and cash out their wallet balances until August 31, after which the site ceased primary and secondary sales. Any remaining NFTs and metadata have been transferred to the InterPlanetary File System, ensuring continued access to the collectibles without relying on Recur’s platform.