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South Korean Telecom Giant KT Axes its NFT platform

Twitter icon  •  Published il y a 3 mois  •  Hassan Maishera

South Korean Telecom Giant KT Corporation has shut down its NFT platform, MINCL, citing changes in business conditions.

TL;DR

  • KT Corporation has become the latest telecommunication giant to shut down its NFT platform.

  • Hyundai and Netmarble recently axed their Web3 platforms. 

KT Shuts Down its NFT Platform

South Korean telecommunications giant KT Corporation has announced the shutting down of its non-fungible token platform, MINCL. According to the company, MINCL will cease operations starting from March 4th, 2024. 

The company cited “shifting business conditions” as the primary catalyst behind the closure of its NFT platform. KT added that holders of KT Wiz Rookie Pack NFTs, its digital card collectibles commemorating the company-owned professional baseball team, should transfer the NFTs to e-wallets outside of MINCL. However, users would no longer be able to view or download any remaining NFTs past the service conclusion date.

MINCL was launched in April 2022 and allows users to mint NFTs while also providing trading and wallet services to retail and institutional users. 

This latest development comes as South Korean entities continue to reduce their exposure to the Web3 ecosystem. In December, South Korean game developer Netmarble F&C shut down its metaverse division and is liquidating the subsidiary. 

Hyundai Department Store, the retail conglomerate under Hyundai Group has also terminated its digital wallet service, H.NFT.

 

Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.