The first South African NFT marketplace, Momint, is closing due to market pressures

Momint, a South African Web3 and cryptocurrency startup, has announced its closure due to rising operational costs, limited user growth, and a challenging funding situation.

Founded in 2021, it became the first NFT marketplace in the country to support transactions in the local currency and gained attention with significant NFT sales. Shortly after its launch, the company raised $2.1 million in seed funding. As the NFT market evolved, Momint pivoted to tokenized real assets and launched SunCash in 2023 in partnership with Sun Exchange.

This platform allowed users to invest in solar energy projects, offering an annual return of 12% in USDC. By mid-2024, Momint had processed over 400,000 transactions and attracted more than 53,000 users, generating nearly $2 million in trading volume in the market.