Godfather NFTs Weren’t Enough to Prevent Recur From Sleeping With the Fishes

Recur, an NFT platform that featured collectibles from popular brands, is shutting down due to challenges and changes in the business landscape, causing a decline in the value of its offerings. Users can still access their NFTs through IPFS, but the company will disable deposits and gradually take its websites offline. This closure follows a trend in the NFT community, as other platforms have also shut down recently.

gizmodo.com

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8/23/2023

Bitcoin Ordinals volume dips 98%, OpenSea to disable royalty tool, and Frend.tech hype: Nifty Newsletter

Summary: The Nifty Newsletter highlights the launch of decentralized social media platform Frend.tech with over 100,000 users, OpenSea disabling its on-chain royalty enforcement tool, Sotheby's and Yuga Labs facing a lawsuit from Bored Ape investors, a significant decline in Bitcoin Ordinals NFT trading volume, and the collapse of the "charitable" NFT project Orica.

9/8/2023

NFT Video Startup Glass Shuts Down Amid Crypto Bear Market and Lack of Demand

Glass Protocol, a crypto startup focused on monetizing NFT videos, is shutting down due to low demand for digital video NFTs in the bear market. The founders have announced that they will end active development, marking another casualty in the declining NFT space.

9/9/2023

NFT Projects Face Challenges as Market Sentiment Sours

Bold plans for a San Francisco-based NFT-based restaurant and private members lounge have been canceled due to challenging macroeconomic factors, including labor shortages, supply chain disruptions, geopolitical uncertainty, and inflation. The company behind the project, Sho Group, refunded everyone who purchased the Sho Club NFTs required for access to the lounge. Additionally, Binance NFT announced that it would end support for Polygon-based NFTs and Reddit launched NFL-themed NFT avatar collectibles.

9/12/2023

NFT Market Crashes After 2021 Hype, But Utility and Mainstream Adoption Could Drive Future Growth

The nonfungible token (NFT) market has experienced a significant decline in value, but experts believe that NFTs still have potential for growth and innovation in the future, particularly if they can offer tangible benefits and utility beyond digital art, such as asset-backed NFTs and membership-based models.

9/20/2023

NFT Market Crashes as Sales Plummet and Prices Crater for Majority of Collections

A recent study has found that 95% of NFT collections are effectively worthless, indicating that the NFT market has significantly declined compared to its peak in 2021 and 2022.

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Posted 8/21/2023, 9:20:00 PM