In a significant development within the world of cryptocurrency startups, Glass, a venture-backed company focused on monetizing NFT videos, is succumbing to crypto bear market.
In a significant development within the world of cryptocurrency startups, Glass, a venture-backed company focused on monetizing NFT (Non-Fungible Token) videos, is succumbing to the crypto bear market.
The co-founders, Sam Sends and Varun Iyer, have officially announced their decision to halt active development of Glass Protocol. This move comes as they assessed that the demand for digital, tradable video NFTs has dwindled to a point where sustaining the project is no longer viable.
Taking to X (formerly known as Twitter), Sends and Iyer shared their decision with the public. They cited the insufficient demand for video NFTs as the primary reason behind their pivot away from active development.
Iyer expressed, “The Crypto Bear Market for video NFTs can no longer sustain Glass’ development,” while Sends echoed a similar sentiment, stating, “Unfortunately, we have come to the conclusion that there is not sustainable demand for video NFTs.”
Glass, a startup with a history spanning two and a half years, has become the latest casualty of the prolonged downturn in crypto trading. This decline has had a particularly harsh impact on the NFT space, with trading volumes dwindling across all categories of on-chain collectibles.
Even well-known projects like “blue chip” Bored Apes have not been spared, let alone smaller ventures like Glass, which failed to gain significant traction.
The core concept behind Glass was to provide online content creators with a platform for minting and selling their videos directly to their audience, potentially yielding higher earnings compared to traditional platforms like YouTube. The founders believed that utilizing blockchain technology would bring greater transparency and permanence to this process by storing videos in a decentralized manner.
Sam Sends, during a podcast hosted by Arweave, the decentralized file storage system chosen by Glass, had emphasized the startup’s mission to enable everyone to profit from their content. He stated, “It’s a new way to express and own and share what you care about.”
Although the NFTs created through Glass will persist alongside the website and protocol, the founders have made it clear that active development on the protocol will cease. This decision effectively casts a shadow over its future growth prospects.
Glass had previously secured $5 million in funding last September, with investments from notable backers such as TCG Crypto and 1kx. However, it remains uncertain whether the project exhausted its available resources or if any portion of its venture capital remains. Despite attempts to reach out for clarification, neither Sends nor Iyer responded to requests for comment.
The fate of Glass serves as a sobering reminder of the volatile nature of the cryptocurrency market and its significant impact on innovative ventures within the NFT space. While the technology holds promise, market conditions can swiftly shift, leading to unexpected outcomes for startups in this space.