Glass Protocol Shuts Down Active Development
A startup wasย known Glass Protocol, which attemptedย 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 notice on X (formerly Twitter), stating that the market for digital, tradeable video NFTs cannot sustain the companyโs growth. The bear market and the overall decline in cryptocurrency 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. Althoughย while the existing NFTs created through Glass will remain, the future growth of the protocol is uncertain.
Hot Take:
The closure of Glass Protocol outlines 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 accomplish wholeย lotย of success. As the cryptocurrency industry continuesย to evolve, it is critical for entrepreneurs to carefully assess market demand and adjust their strategies accordingly.
Cora Skindell is a standout figure in the world of cryptocurrency analysis, research, and editorial expertise. As a seasoned crypto analyst and researcher, Cora’s insights delve deep into the complexities of digital assets, resonating with a diverse audience. Her ability to dissect intricate crypto concepts is complemented by her adept editorial skills, enabling her to distill complex information into easily understandable content.
