South Korean Firm To Shut Down its NFT Platform By March
South Korea's KT Corp shuts down NFT platform MINCL; other firms retreat from web3 projects.
KT Corporation, a major South Korean telecom company, is shutting down its NFT platform, MINCL, due to changing business conditions. Users of KT Wiz Rookie Pack NFTs must move their NFTs to other e-wallets before the service ends on March 4.
MINCL, launched in April 2022, offered NFT services like minting and trading. KT hasn't commented on the closure yet.
In South Korea, other companies are also stepping back from web3 projects. Game developer Netmarble F&C is closing its metaverse division, laying off 70 employees. Com2uS, another game company, restructured its metaverse team after seeing millions in business losses.
Hyundai Department Store is ending its digital wallet service, H.NFT, in March. Specialist Park Hye-jin says companies often quit new ventures that don't make quick profits. This is common in large firms trying out trending businesses.
