KT Corporation, one of the largest South Korean telco players, is shutting down its NFT platform MINCL on March 4th. In a report, the company said that changing business climate causes it to shut down this platform and some outraged users move their digital collectibles elsewhere.
MINCL which was launched in April 2022 acted as a platform for both retail and institutional users to create, trade, or store NFTs. It became highly popular especially due to its KT Wiz Rookie Pack NFTs digital trading cards representing the company’s baseball team.
Though the official notice of service termination expressed thanks to users, it failed to provide a concrete explanation for how or why the new platform had met its end. This abrupt shift is the latest in a string of NFT ventures winding down over past months leading to concerns about the longevity of the market.
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