Glass Protocol Abandoned Due to Low Demand for Video NFTs
Sam Sends and Varun Iyer, the founders of Glass Protocol, have announced that they are abandoning their venture to monetize NFT videos due to low demand. The project, which aimed to create a decentralized video protocol, will no longer be actively developed, but the platform will remain open for creators to use.
In 2021, the NFT market experienced a surge in demand, attracting celebrities and retail investors. However, during the bear market of 2022, the trend shifted, resulting in a decline in the NFT space and the shutdown of many projects.
Glass Protocol is the latest project to face this fate. Despite the closure of active development, the website, protocol, and NFTs will remain operational. However, co-founder Sam Sends admitted the lack of sustainable demand for video NFTs, despite working with industry leaders.
Hot Take: Low Demand Challenges the Viability of Video NFTs
Glass Protocol’s decision to abandon its project highlights the challenge of sustaining demand for video NFTs. While the NFT market experienced significant growth in 2021, the bear market of 2022 brought about a decline in interest and outflows from the space. This has led to several projects shutting down.
Despite working with notable figures in the industry, Glass Protocol couldn’t overcome the lack of sustainable demand for video NFTs. This raises questions about the long-term viability of video-based NFTs and the need for continued innovation in the space to attract users and investors.
Owen Patter is a distinguished crypto analyst, accomplished researcher, and skilled editor, leaving a notable imprint on the cryptocurrency landscape. As a proficient crypto analyst and researcher, Owen delves into the intricate realms of digital assets, offering insights that resonate with a diverse audience. His analytical acuity is harmoniously paired with adept editorial skills, allowing him to transform complex crypto information into easily comprehensible content.