South African NFT Marketplace Momint Shuts Down Due to Market Pressures

According to Jinse Finance, South African NFT trading platform Momint recently announced it will cease operations, primarily due to rising operating costs, sluggish user growth, and a challenging fundraising environment. Founded in 2021, the platform once drew attention for several high-value NFT sales and secured $2.1 million in seed funding in its early days. By mid-2024, Momint had processed over 400,000 transactions, attracted 53,000 users, and facilitated nearly $2 million in trading volume. However, limited liquidity, regulatory pressures, and a plateau in user growth ultimately led to the decision to shut down.