Florida-based non-fungal token (NFT) platform Recur has announced that it has received a $50 million investment from billionaire Steve Cohen, owner of popular baseball team New York Mets.
The financing round, which gave Recur a valuation of $333 million, was led by investment platform Digital. On the other hand, Digital is a platform founded by Cohen. As part of the deal, Cohen will also serve on Recur’s board of directors.
What is Recur?
Recur creates experiences that allow users to buy, collect and resell NFTs on any blockchain or NFT marketplace, essentially creating a decentralized, recurring royalty program. To do this, Recur signs license agreements with brands, allowing it to create NFTs based on their intellectual property. Recur co-founders Zach Bruch and Trevor George use the following statements:
“At Recur, we are building a future where NFTs can be taken anywhere as personal expression, community membership and fandom tokens. Our goal is to give fans the opportunity to own pieces of the stories and IPs they love while preserving real value across all future chains.”
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