South Korean Telecom Giant Ceases NFT Operations

  • The decision to close MINCL is due to changing business circumstances.
  • Users holding KT Wiz Rookie Pack NFTs were advised to transfer them to external wallets.
  • KT Corporation, a South Korean telecommunications giant, plans to close its NFT platform, MINCL, effective March 4, 2024.

KT Corporation, the telecommunications giant in South Korea with assets exceeding $32 billion, has announced the imminent closure of its non-fungible token (NFT) platform, MINCL. According to the announcement, the platform will be closed effective March 4, 2024.

The decision to close down the platform was attributed to changing business circumstances. MINCL has been operating under the digital transformation subsidiary KT Enterprise.

Launched just two years ago in April 2022, MINCL catered to both retail and institutional users, providing a platform for creating, trading, and storing NFTs. The platform was particularly well-known for its KT Wiz Rookie Pack NFTs, which served as digital collectibles honoring the KT Corporation-owned professional baseball team.

In an official service termination notice, KT Mincl expressed gratitude to its users for their patronage and explained the logistics of the shutdown.

The notice also assured users that their personal information would be securely handled in compliance with the company’s personal information processing policy, with the possibility of extending the data destruction period until customer support concludes.

However, the most critical aspect of the announcement was guidance for KT Wiz Rookie Pack NFT holders. Users were advised to transfer their NFTs to external wallets before the service cessation date. It was emphasized that NFTs other than the Kt Wiz Rookie Pack NFTs could not be moved to external wallets.

According to the notice, after the service termination date, all NFTs retained within the Mincle Wallet would become inaccessible for download or viewing. Users were advised to check the transmission status by clicking the Transmission Inquiry button to monitor the transfer process.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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