NFT startup Glass suspends development year after $5m funding Glass


NFT startup Glass suspends development year after $5m funding Glass Protocol, a video platform allowing creators to monetize their videos with non-fungible tokens (NFTs), won’t get any new updates as the startup’s founders don’t see any “sustainable demand for video NFTs.”. Glass co-founders Sam Sends and Varun Iyer wrote on X (formerly Twitter) that they’re suspending the development of the startup. They added that the website, protocol, and NFTs “will remain operational and are stored safely.”. Although the main reason behind the move remains unclear, Sends pointed out that the project experimented with different purchase models and user experiences. However, the team has concluded that “there is not sustainable demand for video NFTs,” he said. The announcement comes almost a year after Glass raised $5 million in a funding round co-led by TCG Crypto and 1kx. As per Axios, Glass succeeded to generate around $1 million in revenue for its creators in 2021. The firm also managed to gain about $100,000 in revenue from NFT sales and planned to work with at least 10,000 creators. At that time, the platform had over 100 creators and transitioned its interface from Ethereum to Solana.

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