South Korea’s KT Corp shuts down NFT platform MINCL

KT Corporation, South Korea’s telecommunications giant, has decided to close its NFT platform, MINCL, citing changing business conditions as the primary reason.

This move is consistent with a larger trend in the region, in which several companies are reconsidering their participation in Web3 projects.

MINCL users are urged to transfer their NFTs to alternative e-wallets before the platform is shut down on March 4.

MINCL, which launched in April 2022, offered users NFT services such as non-fungible token creation and trading.

KT Corporation has yet to provide detailed comments on the closure of MINCL or the specific factors that influenced this decision.

The decision by KT Corporation to close MINCL is consistent with a broader trend in South Korea, where several companies are withdrawing from web3 projects.

Netmarble F&C, a well-known game developer, is closing its metaverse division and laying off 70 employees.

Additionally, game company Com2uS has restructured its metaverse team in response to significant business losses.

Hyundai Department Store plans to discontinue its digital wallet service, H.NFT, in March. The move is part of a strategic decision, and it echoes industry experts’ concerns that large companies may withdraw from new ventures that do not yield immediate profits.

Park Hye-jin, a specialist in the field, observes that it is not uncommon for large corporations to exit ventures related to emerging trends, particularly if those ventures do not yield quick returns.

This pragmatic approach is viewed as a natural part of navigating the challenges and uncertainties that come with pioneering initiatives in rapidly changing industries.