What does Net Mundial mean?
The Netmundial Initiative (also known as the NMI) was quite an impactful organisation to create a new way to govern the internet. It was named after the conference held by ICANN and the Brazilian government in 2014. ICANN are a DNS overseer, which means they have quite a lot of control over internet traffic.
Internal politics halted the effort before it really got going, even with the support of the Brazilian and American governments, because certain members awarded themselves a permanent place in the 25 member group. This led to disillusionment within the other proposed members and the collapse of the initiative. The key players to back out were the Internet Architecture Board and the Internet Society.
The project ran for 18 months, until the general agreement ran out in July 2016, where the two key players pulled from the project. This led to the US government stating that it should be shut down, with the remaining company CGI.br deciding to continue with the project for a little while longer.