Glass Protocol Shuts Down Active Development
A startup called Glass Protocol, which aimed to monetize NFT videos, has announced that it will no longer continue active development due to low demand. Co-founders Sam Sends and Varun Iyer made the announcement on X (formerly Twitter), stating that the market for digital, tradeable video NFTs cannot sustain the company’s growth. The bear market and the overall decline in crypto trading have impacted the NFT space, causing trading volumes to plummet. Glass Protocol, which sought to provide a platform for content creators to mint and sell their videos directly to fans, will no longer receive updates. While the existing NFTs created through Glass will remain, the future growth of the protocol is uncertain.
Hot Take:
The closure of Glass Protocol highlights the challenges faced by startups in the NFT space, particularly in an unpredictable market. It serves as a reminder that demand for certain types of NFTs can be limited, and not all projects achieve significant success. As the crypto industry continues to evolve, it is crucial for entrepreneurs to carefully assess market demand and adjust their strategies accordingly.
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