Momint, a South African Web3 and Crypto startup, has announced its closure due to rising operational costs, limited user growth and a challenging financing environment.
Founded in 2021, it was recognized as the first NFT marketplace in the country to support local currency transactions and received attention with considerable NFT sales. Shortly after the launch, the company collected $ 2.1 million in seed financing. As the NFT market evolved, Momint shifted his focus to Tokenized Real-World Activa and Suncash launched in 2023 in collaboration with Sun Exchange. With this platform, users were able to invest in solar energy projects and offer an annual return of 12% in USDC. Momint had processed more than 400,000 transactions in mid -2024 and attracted more than 53,000 users, which facilitated almost $ 2 million in market volume. Despite this performance, the company struggled with liquidity problems, regulatory challenges and limited growth outside its original user base, which ultimately led to its closure.