Momint, a South African Web3 and crypto startup, has announced its closure due to rising operational costs, limited user growth, and a challenging funding environment.
South Africa’s First NFT Marketplace, Momint, Shuts Down Amid Market Pressures
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Founded in 2021, it was recognized as the country’s first NFT marketplace supporting local currency transactions and gained attention with significant NFT sales. The company raised $2.1 million in seed funding shortly after its launch. As the NFT market evolved, Momint shifted its focus to tokenized real-world assets, launching SunCash in 2023 in partnership with Sun Exchange. This platform allowed users to invest in solar energy projects, offering a 12% annual return in USDC. By mid-2024, Momint had processed over 400,000 transactions and attracted more than 53,000 users, facilitating nearly $2 million in marketplace volume. Despite these accomplishments, the company struggled with liquidity issues, regulatory challenges, and limited growth beyond its initial user base, ultimately leading to its shutdown.
