South African crypto startup Momint, once a front-runner in local NFT and tokenized asset innovation, has announced it is winding down operations.
Despite early traction and several high-profile milestones, the company cited rising operating costs, limited user expansion beyond its core base, and a difficult funding environment as reasons behind its closure.
Founded in 2021, Momint emerged as South Africa’s first NFT marketplace supporting local currency payments.
It quickly drew attention with sales like former rugby star Bryan Habana’s NFT and Nelson Mandela’s arrest warrant, which fetched over $130,000, one of the continent’s most notable NFT transactions. The startup closed a $2.1 million seed round within weeks of launching.
Over time, Momint shifted its focus to building real-world applications for tokenized assets. In 2023, it launched SunCash in partnership with Sun Exchange, allowing users to crowdfund solar energy projects by purchasing fractional solar cells.
These cells powered schools and facilities across South Africa, offering investors a 12% annual return in USDC.
The startup also integrated crypto payments into everyday life. Its collaboration with 1Voucher enabled users to convert USDC and ETH into vouchers redeemable at over 10,000 merchants, from local supermarkets to global services, making it easier for users to spend digital assets without needing traditional bank access.
By mid-2024, Momint had facilitated over 400,000 transactions, onboarded 53,000+ users, and processed close to $2 million in marketplace volume.
It also received a $50,000 grant from DFINITY’s ICP hub to support blockchain integration for improved real-world asset tracking.
However, these technical strides didn’t translate into long-term commercial sustainability. Like many Web3 startups operating in low-to-middle income regions, Momint struggled with limited liquidity, regulatory uncertainty, and the difficulty of scaling interest in blockchain-powered platforms beyond early adopters.
The team’s decision to shut down highlights a growing trend in Africa’s crypto and Web3 sectors: early enthusiasm can help a company get off the ground, but consistent funding, regulatory clarity, and sustained demand are critical for long-term viability.
While Momint exits the stage, it leaves behind a blueprint for how blockchain can be tested across sectors like energy, payments, and digital identity, and a cautionary note about the hurdles ahead for similar ventures.
This post first appeared on BitcoinKe.
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