Glass NFT Video Startup Pauses in Bearish Crypto Climate

Glass NFT Video Startup Halts Development Amidst Bearish Crypto Climate


282 Listen to this article In a significant blow to the NFT video space, Glass, a promising crypto startup, has […]

Latest News

Listen to this article

In a significant blow to the NFT video space, Glass, a promising crypto startup, has announced the cessation of its active development, citing the ongoing bearish trend in the crypto market.

Founded by Sam Sends and Varun Iyer, Glass aimed to revolutionize the monetization of NFT videos. However, the duo disclosed in a recent post on X (previously known as Twitter) that the demand for video NFTs was insufficient to justify continued development. Iyer remarked, “The market for video NFTs can no longer sustain Glass’ development,”. Echoing the sentiment, Sends added, “There is not sustainable demand for video NFTs.”

This decision underlines the larger challenges faced by many in the NFT sector amidst declining crypto trading volumes. While the downturn has affected a range of on-chain collectibles, including prominent ones like the Bored Apes, smaller ventures like Glass have felt the brunt more profoundly.

Glass’s vision was to offer content creators an avenue to mint and monetize their video content directly to their audience, potentially providing a more lucrative alternative to platforms like YouTube. The blockchain was seen as a means to introduce more transparency and permanence to the video content storage process.

Sends, in a 2021 podcast with Arweave, stated, “We really want to find a way to help everyone profit.” Although NFTs minted via Glass will continue to exist, the lack of ongoing protocol development casts a shadow over its potential future growth.

Last September, Glass had secured a $5 million investment from backers such as TCG Crypto and 1kx. The current status of these funds and whether any remain with the company is unknown. Requests for comments from Sends and Iyer remain unanswered as of now.

Read Also:  Craig Wright's Claim to Be Satoshi Nakamoto Officially Debunked: Justice Served

For the latest crypto news today follow the Coinography and Subscribe our YouTube channel or follow us on social media platforms like Twitter, Facebook, Instagram and Linkedin.

You Might Also Like

0 0 votes
Article Rating
Notify of
Inline Feedbacks
View all comments

Get Latest Updates

Latest News

Web Stories

Latest News

Would love your thoughts, please comment.x
Scroll to Top
Bitcoin ETFs Surge as Investors Seek Exposure Coinbase, Andreessen Horowitz, and Ripple have joined forces to fund a new crypto DMM Bitcoin Hit by $305M Hack Ripple Releases 1 Billion XRP Tokens What to Expect from Bitcoin’s Price Rally in H2 2024 Trump’s MAGA Coin Soars 7% While Biden Parody Sinks Amid Ex-President’s Trial — NFTs Hold Steady Analyst Warns About Dogecoin Decline CME Denies Solana Futures Plans Amid Growing Rumors Can PEPE flip Polygon? Market cap race heats up! Why Bitcoin Price Is Down Today? Cristiano Ronaldo Launches 4th NFT Collection on Binance Amid $1B Lawsuit Coinbase Alleges SEC Dodging Howey Test in New Appeal Ethereum ETFs Granted Official Approval by SEC Crypto Whale Splurges $10.4 Million on Meme Coin PEPE SOL Price Nearing Support as On-Chain Activity Dips for Solana Penguiana Meme Coin’s Presale Achieves Success, Raising 290 SOL Solana to Bitcoin Bridge, Zeus Network, Set for Debut in Q3 2024 DeFi Lending Leader Aave Unveils V4 Protocol Overhaul MicroStrategy (MSTR) Incurs Losses in Q1 After Digital Asset Impairment Takes Toll Upbit Emerges as Top Five Crypto Exchange, Posing Challenge to Binance, Coinbase