According to Bitcoin.com, on July 4th, PANews reported that South African Web3 startup Momint recently announced it would cease operations, primarily due to rising operating costs, sluggish user growth, and a challenging financing environment. The platform, founded in 2021, was the first NFT marketplace in South Africa to support local currency transactions and gained attention due to several high-value NFT sales, having secured $2.1 million in seed funding during its early stages.
With the changes in the NFT market, Momint shifted to physical asset tokenization in 2023, launching the solar project investment platform SunCash in collaboration with Sun Exchange, promising users an annual yield of 12% in USDC. By mid-2024, the platform had processed over 400,000 transactions, attracted 53,000 users, and facilitated nearly $2 million in transaction volume. However, due to insufficient liquidity, regulatory pressures, and a bottleneck in user growth, the company ultimately decided to shut down.
