PANews reported on July 4 that according to Bitcoin.com, South African Web3 startup Momint recently announced that it would cease operations, mainly due to rising operating costs, weak user growthPANews reported on July 4 that according to Bitcoin.com, South African Web3 startup Momint recently announced that it would cease operations, mainly due to rising operating costs, weak user growth
South Africa's first NFT trading platform Momint closed due to market pressure
1 min read
PANews reported on July 4 that according to Bitcoin.com, South African Web3 startup Momint recently announced that it would cease operations, mainly due to rising operating costs, weak user growth and a severe financing environment. The platform was established in 2021 and is the first NFT market in South Africa to support local currency transactions. It has attracted attention due to multiple high-value NFT sales and received $2.1 million in seed round financing in its early days.
As the NFT market changes, Momint turns to physical asset tokenization in 2023 and launches SunCash, a solar energy project investment platform, in cooperation with Sun Exchange, promising users an annualized return of 12% USDC. As of mid-2024, the platform has processed more than 400,000 transactions, attracted 53,000 users, and facilitated nearly $2 million in transactions. However, due to insufficient liquidity, regulatory pressure and user scale bottlenecks, the company finally decided to close.
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