South Africa’s First NFT Marketplace, Momint, Shuts Down Amid Market Pressures

Momint, a South African Web3 and Crypto startup, has introduced its closure as a consequence of rising operational prices, restricted consumer development and a difficult financing setting.

Based in 2021, it was acknowledged as the primary NFT market within the nation to help native foreign money transactions and obtained consideration with appreciable NFT gross sales. Shortly after the launch, the corporate collected $ 2.1 million in seed financing. Because the NFT market developed, Momint shifted his focus to Tokenized Actual-World Activa and Suncash launched in 2023 in collaboration with Solar Change. With this platform, customers have been capable of spend money on photo voltaic vitality tasks and supply an annual return of 12% in USDC. Momint had processed greater than 400,000 transactions in mid -2024 and attracted greater than 53,000 customers, which facilitated virtually $ 2 million in market quantity. Regardless of this efficiency, the corporate struggled with liquidity issues, regulatory challenges and restricted development outdoors its unique consumer base, which in the end led to its closure.