Glass Protocol’s Founders to Stroll Away On account of Missing Demand for Video NFTs

Sam Sends and Varun Iyer, the founders of the VC-backed protocol aiming to monetize NFT movies, mentioned they are going to abandon the undertaking on account of low demand two years after its launch.

Glass Protocol’s e mail tackle will stay open for questions, however the Telegram channel will likely be closed.

• The NFT market skilled a fast surge in demand again in 2021, outperforming the standard crypto trade, as celebrities, alongside retail buyers, rushed to buy the following smartest thing by way of monkeys, drawings, apes, canines, and different kinds of footage, in addition to movies.
• This led to the creation of a number of new companies, however the pattern modified simply as sharply in the course of the bear market of 2022, and the NFT area has seen large outflows. This resulted in quite a few initiatives having to close down.
• The newest to go in that route is Glass Protocol – a undertaking launched two years in the past “with a imaginative and prescient for a decentralized video protocol.”
• Though the crew mentioned it would cease lively growth, they asserted that the platform will “stay open and free fo all creators to make use of.”

We’ve made the robust determination of ending lively growth on Glass.

We’re extraordinarily grateful to everybody who helped us deliver Glass to life.

Whereas growth will finish, our platform will stay open and free for all creators to make use of.

— Glass Protocol (@glassprotocol) September 8, 2023

• Sends reaffirmed this in a separate put up, indicating that “the web site, protocol, and NFTs will stay operational and are saved safely.”
• However, he admitted the dearth of demand for such initiatives regardless of working with a few of the most notable names within the trade.

“Sadly we have now come to the conclusion that there’s not sustainable demand for video NFTs.”