South Africa's first NFT trading platform Momint shuts down due to market pressure

ChainCatcher news, according to Bitcoin.com, South African Web3 startup Momint recently announced its shutdown, primarily due to rising operational costs, sluggish user growth, and a challenging funding environment. The platform, established in 2021, was South Africa's first NFT marketplace supporting local currency transactions, gaining attention for several high-value NFT sales and securing $2.1 million in seed funding during its early days.

As the NFT market evolved, Momint shifted towards the tokenization of physical assets in 2023, partnering with Sun Exchange to launch the solar project investment platform SunCash, promising users a 12% annual yield in USDC. By mid-2024, the platform had processed over 400,000 transactions, attracting 53,000 users and facilitating nearly $2 million in transaction volume. However, due to insufficient liquidity, regulatory pressures, and user growth limitations, the company ultimately decided to shut down.