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

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According to ChainCatcher news, reported by Bitcoin.com, South African Web3 startup Momint recently announced that it is ceasing operations, primarily due to rising operational costs, weak user growth, and a harsh financing environment. The platform was established in 2021 and is South Africa's first NFT marketplace supporting local currency transactions, which drew attention due to several high-value NFT sales and 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, 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 dollars in transaction volume. However, due to insufficient liquidity, regulatory pressures, and user scale bottlenecks, the company ultimately decided to shut down.

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