South Africa's First NFT Trading Platform, Momint, Closes Due to Market Pressure

According to Bitcoin.com, South African Web3 startup Momint recently announced that it is ceasing operations, mainly due to rising operating costs, weak user growth, and a severe financing environment. Founded in 2021, the platform was South Africa's first NFT marketplace to support local currency transactions. It once attracted attention for several high-value NFT sales and secured $2.10 million in seed funding in its early stages. As the NFT market changed, Momint pivoted to tokenizing real-world assets in 2023, partnering with Sun Exchange to launch the solar project investment platform SunCash, promising users a 12% annual yield in USDC. As of mid-2024, the platform had processed over 400,000 transactions, attracted 53,000 users, and facilitated nearly $2.00 million in transaction volume. However, limited by insufficient liquidity, regulatory pressure, and user base bottlenecks, the company ultimately decided to close. [ChainCatcher]