South Korea’s second-largest wireless carrier, KT, is discontinuing its non-fungible token (NFT) platform, Mincl.
The company cited changes in business conditions as the primary reason for shutting down the platform, which, having been launched in April 2022, operated for less than a year.
Starting March 4, 2024, Mincl will no longer be accessible, prompting holders of KT Wiz Rookie Pack NFTs — digital card collectibles commemorating the company’s baseball team — to transfer them to an external wallet before the service ends.
This move aligns with a broader trend of businesses abandoning their Web3-related projects due to regulatory uncertainties and market fluctuations. Rario, Gamestop, and Aqua have recently announced shutdowns, and even major players like X (Twitter) and Meta have announced removals of NFT features from their platforms.
The year 2023 posed significant challenges for the NFT market, putting even industry giants to the test. Notably, OpenSea faced difficulties in November 2023, leading to the announcement of a workforce reduction and a substantial decrease in valuation.
Despite these setbacks, the NFT market has shown signs of recovery in the last few months of 2023, with analysts reporting a resurgence in NFT sales. However, some analysts still remain cautious, viewing these positive trends just as tentative signs of recovery.
As such, the future trajectory of the NFT market is uncertain, and conflicting opinions persist.
Nonetheless, projections for the NFT market remain positive. According to Statista, revenue in the NFT market is expected to reach $2,378 million in 2024, with a projected total of $3,369 million by 2028.