On August 18, Recur announced the discontinuation of its Web3 platform following turbulent times in the crypto and blockchain space. Recur was best known for licensing IPs from major names such as Sanrio and Nickelodeon to turn into NFTs. Holders have until November 16 to transfer their assets on the platform to their preferred self-custodial wallets.
It’s worth noting that Recur’s NFTs provided no utility. As public interest in NFTs continues to waver, it’s important that licensors consider the applications and utility of NFTs and Web3 assets based on their IP. Otherwise, you’re asking users to pay for what are essentially digital collectibles with no tangible usage.
While there’s no escaping the fact that there’s a fundamental shift occurring in the Web3 space right now, there are many Web3 and blockchain games that are still thriving, namely Alien Worlds and Planet X. We can also look to games based on major IP such as Ni No Kuni: Cross Worlds, which have incorporated blockchain elements to add, not force, additional gameplay mechanics onto players that are interested in exploring crypto ownership.
Our biggest piece of advice to those looking to explore the Web3 space? If your NFT and Web3 experiments don’t make sense experientially, they probably aren’t a great project.