NFT startup Glass suspends development year after $5m funding

by ChainChirp
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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), gained’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 “completely different pivots” inside the crypto house with out going into particulars.

Though the primary cause behind the transfer stays unclear, Sends identified that the challenge experimented with completely different buy fashions and person experiences. Nonetheless, the crew has concluded that “there’s not sustainable demand for video NFTs,” he stated.

We have determined to finish energetic growth of Glass.

— varun (@varuuniyer) September 8, 2023

Based in 2021, the Los Angeles-based NFT startup was attempting to construct a web3 ecosystem the place creators and communities might immediately interact with each other utilizing blockchain know-how.

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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 no less than 10,000 creators. At the moment, the platform had over 100 creators and transitioned its interface from Ethereum to Solana.

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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 typical worth of a sale hovering round $51. Nonetheless, the overall 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 keeping with information from CryptoSlam.

Learn extra: Binance NFT ends Sandbox staking and drops Polygon community

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