Glass Protocol founders will stop developing the project

Sep 11, 2023
Cryptocurrency startup with venture funding Glass, aimed at monetising NFT videos will stop active development of the project due to low demand for the services.

This was announced by co-founders Sam Sends and Varun Iyer  on X (formerly Twitter). They noted that there is no sustained demand for NFT videos. The two-year-old startup is the latest victim of a steady decline in NFT trading volume. 

Recall that the idea behind Glass was to develop a platform for generating and selling content videos. The startup’s founders believed that blockchain would provide transparency and consistency to this process.

Last September, Glass raised $5m from investors including TCG Crypto and 1kx. Meanwhile, it is not clear if the company has any residual balance from the capital raised. Sends and Iyer have not provided an answer to that question, but they have mentioned that the platform will remain open and free to all creators until development is fully completed.