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

According to Bitcoin.com, South African Web3 startup Momint recently announced the cessation of operations due to rising operating costs, weak user growth, and a challenging financing environment. This platform was established in 2021 and is the first NFT market in South Africa to support local currency trading. It has attracted attention due to multiple high-value NFT sales and received a seed round financing of $2.1 million in the early stages of its establishment. With the changes in the NFT market, Momint will shift towards physical asset tokenization in 2023 and collaborate with Sun Exchange to launch the solar project investment platform SunCash, promising users an annualized return of 12% USDC. As of mid-2024, the platform has processed over 400000 transactions, attracted 53000 users, and generated nearly $2 million in transaction volume. However, due to insufficient liquidity, regulatory pressure, and user scale bottlenecks, the company ultimately decided to close.