Momint, a South African crypto and Web3 startup once hailed as a trailblazer in the local NFT and tokenized asset space, has officially announced the winding down of its operations. Despite early momentum and several landmark achievements, the company cited a combination of rising operational costs, limited user growth beyond its core base, and a challenging funding environment as the key factors behind its closure.
Founded in 2021, Momint quickly made headlines as South Africa’s first NFT marketplace to support transactions in local currency. The platform gained early traction with high-profile NFT sales, including digital collectibles linked to rugby legend Bryan Habana and the historic arrest warrant of Nelson Mandela—the latter fetching over $130,000, making it one of the most notable NFT transactions on the African continent. Within weeks of its launch, Momint secured a $2.1 million seed round, signaling strong investor confidence.
As the NFT market evolved, Momint pivoted toward building real-world applications for tokenized assets. In 2023, it launched SunCash, a platform developed in partnership with Sun Exchange, enabling users to crowdfund solar energy projects by purchasing fractionalized solar cells. These cells powered schools and community facilities across South Africa, offering investors a 12% annual return in USDC, and showcasing how blockchain could be used to drive sustainable impact.
Momint also worked to integrate crypto into everyday financial life. Through a collaboration with 1Voucher, the startup allowed users to convert USDC and ETH into vouchers redeemable at over 10,000 merchants, including local supermarkets and global service providers. This innovation helped bridge the gap between digital assets and real-world utility, especially for users without access to traditional banking infrastructure.
By mid-2024, Momint had:
- Facilitated over 400,000 transactions
- Onboarded more than 53,000 users
- Processed nearly $2 million in marketplace volume
The company also received a $50,000 grant from the DFINITY Internet Computer Protocol (ICP) Hub to support blockchain integration for enhanced real-world asset tracking.
However, despite these technical and social innovations, Momint struggled to achieve long-term commercial sustainability. Like many Web3 startups operating in low-to-middle income regions, it faced persistent challenges, including:
- Liquidity constraints
- Regulatory uncertainty
- Difficulty scaling adoption beyond early crypto enthusiasts
The decision to shut down reflects a broader reality in Africa’s emerging crypto and Web3 ecosystem: while early enthusiasm and innovation can spark momentum, sustained funding, regulatory clarity, and mainstream adoption are essential for long-term viability.
Though Momint is closing its doors, it leaves behind a compelling legacy—a blueprint for how blockchain can be applied across sectors such as renewable energy, digital payments, and identity—and a cautionary tale for startups navigating the complex terrain of emerging markets and frontier technologies.