The venture-backed Crypto startup Glass focused on monetizing NFT videos has announced the end of its active development, and the co-founders have mentioned the bear market as the major reason, also stating that the demand for tradeable video NFTs was too low to continue.
The co-founders of Glass, Sam Sends and Varun Iyer, had both tweeted about the situation.
We've decided to end active development of Glass.
— varun (@varuuniyer) September 8, 2023
We’re stopping development of @GlassProtocol.
The website, protocol, and NFTs will remain operational and are stored safely.
Two years ago, we ventured into the NFT space to improve monetization for video creators. A lot has changed in the last two years, and the space has…
— Sam Sends (@sam_sends) September 8, 2023
We founded a web3 video platform believing that we could help creators to get the value they deserve for their videos. Some creators have used Glass to do just that. And along the way, crypto evolved. Now, the market for video NFTs can no longer sustain Glass’ development., said Iyer in one of his tweets explaining the situation around the lessening demand for video NFTs.
Sends also echoed the sentiments in his tweet, “We iterated Glass through different purchase models, user experiences, and blockchains. Unfortunately we have come to the conclusion that there is not sustainable demand for video NFTs.”
Glass Protocol was launched as a platform for online content creators to mint and sell their videos to fans directly, and this would help the creators earn more money than they would usually do on platforms like YouTube.
The aim for Glass was to keep things transparent as they happen on the blockchain, and the decentralized storage part would help in permanence. Glass as a platform won’t be completely closed because there were content creators with their videos pushed there will stay as it is.
The market conditions have made a lot of brands and projects either take a different route by pivoting, or to close down or to stop the development because how the market has reacted to the need of those protocols.