In a significant development, Sam Sends and Varun Iyer, the co-founders of Glass Protocol, a venture capital-backed initiative dedicated to the monetization of NFT videos, have announced their decision to discontinue the project due to persistently low demand, marking the culmination of two years since its inception.
While Glass Protocol’s email channel will remain accessible for inquiries, the project’s Telegram channel is set to be closed.
The NFT market witnessed an explosive surge in demand during the year 2021, outpacing the more traditional cryptocurrency landscape. This fervent enthusiasm saw celebrities and retail investors alike clamoring to acquire the latest and most captivating NFTs, spanning a diverse array of categories, including monkeys, artworks, apes, canines, and various other visual mediums, including videos.
The meteoric rise in demand prompted the emergence of numerous NFT-related services. However, the dynamics of the market underwent a sharp shift during the bear market of 2022, leading to substantial capital outflows. Consequently, a multitude of NFT projects found themselves compelled to shutter their operations.
The latest entrant to join this trend is Glass Protocol, which embarked on its journey two years ago with a vision centered around the development of a decentralized video protocol. Despite their decision to halt active development, the Glass Protocol team has assured that their platform will continue to be available for all creators to utilize freely.
Sends reiterated this commitment in a separate statement, affirming that “the website, protocol, and NFTs will remain operational and securely stored.” Nevertheless, he candidly acknowledged the lack of sustainable demand for video NFTs, even after collaborating with some of the most prominent figures in the industry.
“Unfortunately, we have come to the conclusion that there is not sufficient and enduring demand for video NFTs,” Sends lamented.
