Video Platform Startup Glass Protocol Halts Development Due to Lack of Demand for Video NFTs
A video platform startup called Glass Protocol has announced that it is suspending its development due to a lack of sustainable demand for video non-fungible tokens (NFTs). The co-founders of Glass Protocol, Sam Sends and Varun Iyer, made the announcement on X (formerly Twitter) stating that while the website, protocol, and NFTs will remain operational, there will be no new updates for the startup. Sends mentioned that the team is now exploring different opportunities within the crypto space but did not provide further details. The reason behind the lack of demand for video NFTs remains unclear, but the team at Glass Protocol experimented with various purchase models and user experiences. This development comes a year after Glass raised $5 million in funding and generated $1 million in revenue for creators in 2021.
The Rise and Fall of Glass Protocol
Glass Protocol, founded in 2021 and based in Los Angeles, aimed to create a web3 ecosystem where creators and communities could interact using blockchain technology. Despite raising $5 million in funding and generating significant revenue for creators, the startup has decided to halt its development due to the lack of sustainable demand for video NFTs. Although the reasons behind the lack of demand are not detailed, the team at Glass Protocol conducted experiments with purchase models and user experiences to understand the market. The NFT market, on the other hand, has recently experienced a surge in transactions. However, there has also been a rise in wash trades, indicating a need for continued market monitoring and regulation.
Hot Take: Pivoting Amidst an Evolving NFT Market
Glass Protocol’s decision to pause development highlights the challenges faced by startups in the ever-changing NFT market. The lack of sustainable demand for video NFTs could be a result of various factors such as market saturation or evolving user preferences. As the NFT market continues to evolve, it is crucial for startups to stay agile and adapt to changing trends. Glass Protocol’s exploration of different opportunities within the crypto space demonstrates their commitment to finding new avenues for growth. This decision serves as a reminder that the success of NFT startups relies on their ability to anticipate and meet the needs of users and creators in a rapidly evolving market.
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