Recur Closes, Yuga Labs Battles with Open Sea: Is the NFT Market Dying?

According to recent reports, Recur, the $NFT marketplace, announced that it was shutting down its operations due to harsh market conditions. “As we announced on August 18th, the RECUR platform will be deprecated over the coming months,” said the platform’s representatives in a recent blog post.

The team detailed the following updates on their blog post: from August 31, for “Built on Recur” experiences, the main transactional functionality, such as primary sales and secondary sales, will be disabled. For “Built on Recur” experiences, new user account creation will be disabled from Recur-hosted websites. On November 9 later this year, $NFT deposits into Recur will be disabled. And on November 16, all remaining site functionality will be disabled.

Recur is not the only $NFT organization with bad news. Recently, Yuga Labs stated that it would block the trading of its newer NFTs on OpenSea by February 2024. This move was made in an attempt to counter OpenSea’s decision to stop collecting royalties on behalf of $NFT creators. Yuga Labs believes OpenSea’s actions are a threat to the basic promise of NFTs, which is that the original creator would earn a cut of the price every time the $NFT was sold.

Another recent debacle was that of the Azuki $NFT collection. The new Azuki Elementals NFTs, which were released with great hype and anticipation, faced a major backlash due to their similarity to the original Azuki collection. As a result of the public reaction, Azuki Elementals which started with a 2 $ETH floor price rapidly crashed to 0.8 $ETH in just a few days.

Apart from these, market saturation, the rising number of scams, the collapse of large exchanges, and the global economic situation have all contributed to the crash of the $NFT market. The community now wonders how long the $NFT space has before it crumbles under the weight of an unfavorable bear market.