A video platform startup, Glass Protocol, has suspended its growth, citing an absence of “sustainable demand for video NFTs.”
Glass Protocol, a video platform permitting creators to monetize their movies with non-fungible tokens (NFTs), received’t get any new updates because the startup’s founders don’t see any “sustainable demand for video NFTs.”
Glass co-founders Sam Sends and Varun Iyer wrote on X (previously Twitter) that they’re suspending the event of the startup. They added that the web site, protocol, and NFTs “will stay operational and are saved safely.” Sends added the crew is now exploring “totally different pivots” inside the crypto area with out going into particulars.
Though the principle purpose behind the transfer stays unclear, Sends identified that the challenge experimented with totally different buy fashions and person experiences. Nevertheless, the crew has concluded that “there may be not sustainable demand for video NFTs,” he mentioned.
We have determined to finish lively growth of Glass.
— varun (@varuuniyer) September 8, 2023
Based in 2021, the Los Angeles-based NFT startup was making an attempt to construct a web3 ecosystem the place creators and communities may immediately interact with each other utilizing blockchain expertise.
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The announcement comes nearly a 12 months after Glass raised $5 million in a funding spherical co-led by TCG Crypto and 1kx. As per Axios, Glass succeeded to generate round $1 million in income for its creators in 2021. The agency additionally managed to achieve about $100,000 in income from NFT gross sales and deliberate to work with not less than 10,000 creators. At the moment, the platform had over 100 creators and transitioned its interface from Ethereum to Solana.
Within the meantime, the NFT market is witnessing a big surge after taking a downward curve. By the tip of August, the variety of transactions surpassed the 275,000 mark, with the common worth of a sale hovering round $51. Nevertheless, the whole quantity of wash trades elevated with the market exercise. As of Aug. 31, the NFT wash quantity reached $4.5 million in additional than 28,200 wash transactions, in line with knowledge from CryptoSlam.
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