South Africa's first NFT trading platform Momint has shut down due to market pressure.

PANews reported on July 4 that South African Web3 startup Momint has recently announced its cessation of operations, primarily due to rising operational costs, weak user growth, and a challenging financing environment. The platform, established in 2021, was South Africa's first NFT marketplace supporting local currency transactions and attracted attention due to several high-value NFT sales, securing $2.1 million in seed funding during its early stages. With the changes in the NFT market, Momint shifted to the tokenization of physical assets in 2023, collaborating with Sun Exchange to launch the solar project investment platform SunCash, promising users an annual yield of 12% 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, constrained by insufficient liquidity, regulatory pressures, and user scale bottlenecks, the company ultimately decided to shut down.