A video platform startup, Glass Protocol, has suspended its development, citing a lack of “sustainable demand for video NFTs.”
Glass Protocol, a video platform that allows creators to monetize their videos with non-fungible tokens (NFTs), is not getting any new updates because the startup’s founders don’t see “sustainable demand for video NFTs.”
Glass co-founders Sam Sends and Varun Iyer wrote on X (formerly Twitter) that they are suspending development of the startup. They added that the website, protocol and NFTs “remain operational and are stored securely.” Sends added that the team is now exploring “various pivots” within the crypto space without going into details.
While the main reason behind the move remains unclear, Sends pointed out that the project was experimenting with different purchasing models and user experiences. However, the team has concluded that “there is no sustainable demand for video NFTs,” he said.
We have decided to end active development of Glass.
— varun (@varuuniyer) September 8, 2023
Founded in 2021, the Los Angeles-based NFT startup sought to build a web3 ecosystem where creators and communities could interact directly with each other using blockchain technology.
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The announcement comes nearly a year after Glass raised $5 million in a funding round led by TCG Crypto and 1kx. According to Axios, Glass managed to generate around $1 million in revenue for its creators in 2021. The company also managed to generate about $100,000 in revenue from NFT sales and planned to work with at least 10,000 creators. At that time, the platform had more than 100 creators and changed the interface from Ethereum to Solana.
Meanwhile, the NFT market is witnessing a significant rise following a downward curve. At the end of August, the number of transactions exceeded 275,000, with the average value of a sale hovering around $51. However, the total number of washing transactions increased with market activity. As of August 31, NFT wash volume reached $4.5 million in more than 28,200 wash transactions, according to data from CryptoSlam.
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