Momint, the South African crypto startup once celebrated for pioneering NFT and tokenized asset solutions in Africa, has officially shut down. The company cited limited capital, shifting market conditions, and difficulty in scaling user adoption as core reasons behind its closure. The announcement highlights ongoing challenges faced by Web3 startups in emerging markets, where excitement often outpaces commercial viability.
Early Momentum in the NFT Space
Founded in 2021, Momint launched as South Africa’s first NFT marketplace that supported payments in local currency. It quickly gained traction with high-profile digital asset sales, including a Nelson Mandela arrest warrant NFT that sold for over $130,000 and an NFT featuring rugby icon Bryan Habana. Within weeks of launching, the company secured a $2.1 million seed round, setting a strong early foundation.
Expanding Into Real-World Applications
As interest in NFT collectibles cooled, Momint pivoted toward building practical, real-world blockchain applications. In 2023, it launched SunCash in partnership with Sun Exchange, a platform that allowed users to crowdfund solar projects by purchasing fractional ownership of solar cells. These tokenized assets powered schools and community centers, generating up to 12% annual returns in USDC for investors, and demonstrated how digital assets could support energy infrastructure.
Driving Everyday Crypto Utility
Momint also worked to bring crypto payments into daily life through its collaboration with 1Voucher. This integration allowed users to convert USDC and ETH into vouchers accepted by over 10,000 retailers, including local grocery stores and global service providers. The initiative aimed to bridge the gap between blockchain finance and real-world consumer spending, especially for users without access to traditional banking.
Strong User Growth but Lagging Sustainability
By mid-2024, Momint had processed more than 400,000 transactions and onboarded over 53,000 users. It facilitated nearly $2 million in marketplace volume and received a $50,000 grant from DFINITY’s ICP hub to enhance blockchain-based asset tracking. Despite these milestones, the company struggled to turn its technical innovation into lasting profitability and failed to grow beyond a core user base.
Systemic Challenges in Emerging Markets
Momint’s closure underscores the structural barriers facing many Web3 ventures in Africa and other developing regions. Issues such as regulatory ambiguity, fragmented liquidity, and limited mainstream adoption continue to hinder the growth of blockchain startups. While initial funding and media buzz can accelerate early development, long-term success often depends on market maturity and sustained investor confidence.
A Blueprint and a Cautionary Tale
Though Momint is winding down, its legacy remains a significant case study for blockchain experimentation in sectors like energy access, digital identity, and financial inclusion. Its use of NFTs for storytelling, tokenized solar energy, and crypto-to-cash solutions revealed the potential for decentralized technologies to solve real problems. At the same time, it serves as a cautionary reminder that innovation alone is not enough without scalable demand and a stable funding pipeline.
Momint’s rise and fall offer a revealing look at the lifecycle of a tech venture in an evolving digital economy. While the startup successfully demonstrated what’s possible in the Web3 space, it ultimately fell short in navigating the commercial realities of a complex, resource-constrained environment. As the African crypto landscape continues to mature, future startups will need not just bold ideas, but durable strategies to weather market shifts and build for the long term.