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South African NFT trading platform Momint closes due to market pressure
Summary: South African NFT trading platform Momint recently announced the cessation of operations, citing rising operating costs, sluggish user growth, and a challenging financing environment. The platform, founded in 2021, garnered attention for multiple high-value NFT sales and initially secured $2.1 million in seed funding. By mid-2024, the platform had processed over 400,000 transactions, attracted 53,000 ...
South African NFT trading platform Momint recently announced the cessation of operations, citing rising operating costs, sluggish user growth, and a challenging financing environment. The platform, founded in 2021, garnered attention for multiple high-value NFT sales and initially secured $2.1 million in seed funding. By mid-2024, the platform had processed over 400,000 transactions, attracted 53,000 users, and facilitated nearly $2 million in trading volume. However, constrained by limited liquidity, regulatory pressure, and user base constraints, it ultimately decided to shut down.
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