South African NFT trading platform Momint shuts down due to market pressure

CoinRank News: South African NFT trading platform Momint recently announced that it would cease operations, mainly due to rising operating costs, weak user growth and a severe financing environment. The platform was founded in 2021 and attracted attention due to multiple high-value NFT sales. It received $2.1 million in seed round financing in its early days. As of mid-2024, the platform has processed more than 400,000 transactions, attracted 53,000 users, and facilitated nearly $2 million in transactions. However, due to insufficient liquidity, regulatory pressure and user scale bottlenecks, it was ultimately decided to close. (News.bitcoin)