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.
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