Seoul, South Korea – In a significant move within the digital assets space, South Korean telecommunications behemoth KT Corporation has declared the closure of its non-fungible token (NFT) platform, MINCL, effective March 4, 2024. This decision marks a notable shift in the company’s strategy in the rapidly evolving blockchain and digital collectibles market.
KT Corporation, with assets surpassing $32 billion, launched MINCL in April 2022 as a part of its digital transformation subsidiary, KT Enterprise. The platform quickly gained recognition, particularly for its KT Wiz Rookie Pack NFTs. These digital collectibles celebrated the achievements of the KT Corporation-owned professional baseball team, becoming a favorite among sports and NFT enthusiasts alike.
The closure, attributed to “changing business circumstances,” has prompted users holding KT Wiz Rookie Pack NFTs to transfer their assets to external wallets. Despite the closure, KT Corporation remains a significant player in South Korea’s telecom industry, and this move reflects the company’s ongoing adaptation to the ever-changing technology landscape.
This development is a clear indicator of the volatile nature of the NFT market and the need for businesses to continuously evaluate and adjust their digital asset strategies in response to market dynamics.
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