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

PANews reported on July 4th, according to Bitcoin.com, that the South African Web3 startup Momint has recently announced its shutdown, primarily due to rising operational costs, weak user growth, and a harsh financing environment. The platform was established in 2021 and was the first NFT marketplace in South Africa to support local currency transactions, having attracted attention due to several high-value NFT sales and received $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 a 12% annual return 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 pressure, and user growth bottlenecks, the company ultimately decided to shut down.