Singapore's NFT scene in 2026 is much smaller than it was in its 2022 peak. The most recent development is that Mintable, an NFT marketplace founded in Singapore and launched on 1 December 2018, says on its own site that it is sunsetting Mintable.com and Mintology.app in 2026 and "pivoting into a new area". The best-known Singapore collections, Imaginary Ones and IreneDAO, date from 2022. The newest institution here, Padimai Art & Tech Studio, opened in November 2025 and calls itself an art-and-technology space, not an NFT project. For buyers, the legal position has not changed since 2022: the High Court has treated NFTs as property that can be protected by an injunction, MAS regulates a token by what it does rather than what it is called, and Singapore has no capital gains tax.
The newest developments (2025–2026)
Mintable is winding down its NFT products (2026)
On its About page, Mintable says Mintable.com and Mintology.app are being sunset after nearly seven years. The company says it is not closing but stepping away from NFTs ("not forever"). It also says:
- NFT metadata will stay hosted until the company shuts down, and if that happens it will move the metadata to a more decentralised, permanent solution.
- Users can move their custodial wallets off Mintable.
- It will help corporate clients find other options if they want to keep using NFTs.
The page gives no shutdown date. This item rests on a single source, the company's own announcement. In 2021 Mintable was among the best-funded Singapore NFT companies: it closed a US$13 million Series A in July 2021, according to The Block, and it was known for "gasless minting", where the buyer pays the Ethereum gas fee at the point of purchase.
What Mintable users should do: if you hold NFTs in a Mintable custodial wallet, move them to a wallet you control while the migration path is still open.
Padimai Art & Tech Studio opened (November 2025)
Vignesh Sundaresan, known as Metakovan and the buyer of Beeple's Everydays: The First 5000 Days in 2021, opened Padimai Art & Tech Studio at Tanjong Pagar Distripark in November 2025. ArtReview reported on 20 November 2025 that the first exhibition was Olafur Eliasson's VR work Your view matter (2022/2025), on view from 20 November. Visitor journeys are "stored and archived via a blockchain-based system conceived by Sundaresan." It is a cultural venue, not a collection you can buy into.
The global market around Singapore keeps shrinking
- September 2025: Christie's closed its dedicated digital art department and moved NFT sales into its 20th and 21st-century art category (Cointelegraph, 9 September 2025).
- January 2026: the NFT marketplace Nifty Gateway announced it would close on 23 February 2026 (Cointelegraph, 25 January 2026).
Mintable's wind-down fits this pattern. Marketplaces and auction houses are cutting back on NFTs.
The Singapore projects that made the scene, with dates
Imaginary Ones (2022)
- What: 8,888 3D art NFTs created by Clement Chia's team.
- Launch: sold out in four minutes in April 2022 and had more than 12,000 ETH in total OpenSea sales by October 2022 (Tatler Asia, 4 October 2022).
- Brand partnership: on 4 October 2022 it launched a collaboration with HUGO, part of Hugo Boss. The drop included 1,001 new NFTs and 500 physical T-shirts that let owners mint an NFT. Proceeds from one Legendary character went to the YAM mental-health programme (Tatler Asia).
- Later status: in February 2023 the team announced a wellness app and a "rides" collection for its Bubble Rider racing game. By April 2023 the floor price was about US$1,700 (Vulcan Post, 25 April 2023).
- 2026 status: we found no current independent reporting on the project. Check live market data yourself.
IreneDAO (January 2022)
- What: about 1,100 photo NFTs from influencer Irene Zhao, first listed in January 2022.
- Launch: Vulcan Post reported over US$5 million in trading volume within a week. Mothership put total volume at about 2,300 ETH, or at least S$7.5 million, after roughly 10 days. Sources differ on whether the figure covers one week or ten days.
- Later status: by April 2023 the average price was about US$100 (Vulcan Post). The community continues on So-Col, which Zhao co-founded and which Vulcan Post put at over 8,000 members.
SPACEBARS by ShiGGa Shay (April 2022)
The Singaporean rapper released 999 music-themed cards on 13 April 2022: 900 Common, 99 Rare and 9 Ultra Rare. Each was sold as a US$40 mystery pack, and the drop sold out within four minutes (Marketing-Interactive, 14 April 2022).
Another-1 (founded 2020)
Another-1 is a Singapore-based company that sells physical fashion items linked to digital assets, such as NFT twins, avatars and 3D models, through NFC chips (Built In Singapore). Sources disagree on which blockchain it uses. We found no news on the company from 2025 or 2026.
League of Kingdoms: a correction
League of Kingdoms is often listed as a Singapore project. According to Naavik, it was developed by Seoul-based NOD Games and published by Singapore-based NPLUS. It is best described as a Korean-developed game with a Singapore publisher.
Which part of Singapore's NFT picture applies to you?
Answer up to two questions to see which points from this article fit your situation: Mintable holder, possible buyer, or seller.
Which describes you best?
- I hold NFTs on Mintable → next question
- I am looking at buying a Singapore NFT → next question
- I sell NFTs and want to know about tax in Singapore → next question
Are your NFTs held in a Mintable custodial wallet, not a wallet you control?
- Yes, custodial on Mintable → Move them while the migration path is open
- No, they are in my own wallet → Check where your metadata lives
Does the token give rights like a share, a debenture, a business-trust unit or a collective investment scheme unit?
- Yes, it carries rights like these → It may fall under the Securities and Futures Act
- No, it is a plain collectible → Run the article's checks before buying
Do you sell often, in a way that looks like trading?
- Yes, frequent, trading-like sales → Gains may be taxed as income
- No, occasional sales of NFTs held as assets → Generally not taxed, but keep records
Mintable says it is sunsetting Mintable.com and Mintology.app in 2026 and that users can move custodial wallets off the platform. Its page gives no shutdown date, so the article suggests moving the NFTs to a wallet you control while that option is still open.
Mintable says NFT metadata will stay hosted until the company shuts down and would then be moved to a more decentralised, permanent solution. Platform-hosted metadata depends on the platform's future; IPFS or fully on-chain storage reduces that risk.
MAS judges a token by its structure and the rights attached to it, not its label. Under the Guide on the Tokenisation of Capital Markets Products re-issued on 14 November 2025, a token that works like a share, debenture, business-trust unit or collective investment scheme unit falls under the SFA.
A plain collectible does not become a capital markets product just because it is on a blockchain. Before buying: verify the contract address on the official site, find out where the metadata lives, mint only from official links, look at recent trading rather than launch-week numbers, and check whether the team still ships dated updates.
Singapore has no capital gains tax, but frequent, trading-like activity can be taxed as income. On 11 March 2022 the Finance Minister said NFT income tax treatment depends on the nature and use of the NFT. Keep records of purchase prices and sale proceeds.
Singapore has no capital gains tax, so occasional sales of NFTs held as assets are generally not taxed. Treatment still depends on the nature and use of the NFT, so keep records of purchase prices and sale proceeds.
This sorts the article's general points by situation only: it is not legal or tax advice, cannot judge a specific token or your tax position, and does not show Mintable's shutdown date, which the company has not given.
What the law says
Courts: NFTs can be property (2022)
In Janesh s/o Rajkumar v Unknown Person ("CHEFPIERRE") [2022] SGHC 264:
- Facts: the claimant had pledged a Bored Ape Yacht Club NFT (#2162) as loan collateral on NFTfi. After the lender foreclosed, the High Court granted a proprietary injunction against the pseudonymous lender, "chefpierre.eth".
- Dates: the injunction was granted on 13 May 2022 and the grounds were published on 21 October 2022.
- Holding: the court held that NFTs can give rise to proprietary rights. It allowed the claim against an unknown person identified by a sufficiently certain description, and permitted service through social media and the defendant's crypto wallet.
- Limit: this was an urgent, interlocutory ex parte decision, and the court said a different conclusion might be reached after full argument. We found no later merits judgment.
MAS: substance over labels
- MAS has no standalone NFT statute. A law-firm guide published in 2026 says the framework still relies on the Securities and Futures Act (SFA), the Payment Services Act (PSA), consumer-protection law and MAS guidance.
- On 14 November 2025 MAS re-issued its Guide on Digital Token Offerings as the Guide on the Tokenisation of Capital Markets Products (Rajah & Tann; Allen & Gledhill). MAS looks at the structure of a token and the rights attached to it. A token that works like a share, debenture, business-trust unit or collective investment scheme unit falls under the SFA. A plain collectible with none of those rights does not become a capital markets product just because it is on a blockchain.
- Part 9 of the Financial Services and Markets Act 2022 took effect on 30 June 2025 with no transition period. It requires Singapore-linked digital token service providers serving only overseas customers to be licensed, and MAS said it would generally not issue such licences (law-firm summaries of MAS statements of 30 May and 6 June 2025). Bird & Bird's commentary notes that NFTs which do not meet the PSA or SFA token definitions may fall outside this regime. The rules matter mostly for platforms, not individual collectors.
Tax
- On 11 March 2022, then Finance Minister Lawrence Wong told Parliament that income tax treatment of NFTs "will be determined based on the nature and use of the NFT", under prevailing income tax rules (Vulcan Post).
- Singapore has no capital gains tax, so occasional sales of NFTs held as assets are generally not taxed. Frequent, trading-like activity can be taxed as income.
- Keep records of purchase prices and sale proceeds.
Checks before buying any Singapore NFT
- Verify the contract address on the project's official website and confirm it matches the marketplace listing. Fake copies of popular collections exist.
- Find out where the metadata lives. Mintable's 2026 notice shows that platform-hosted metadata depends on the platform's future. IPFS or fully on-chain storage reduces that risk.
- Hold NFTs in a wallet you control, not a platform's custodial wallet.
- Mint only from links on the official site. Do not use links from direct messages. Review and revoke token approvals you no longer need.
- Look at recent trading, not launch-week numbers. Every project above posted its headline numbers in 2022, and prices had fallen sharply by 2023.
- Check whether the team still ships. Look for dated updates, not roadmap promises.
Limitations: market data for these collections after April 2023 was not independently verified, and Mintable's wind-down rests on the company's own undated 2026 notice.
This article is for information only and is not investment, legal or tax advice.
