The founders said the protocol will remain free and accessible to all creators.
Sam Sends and Varun Iyer, the founders of the VC-backed protocol aiming to monetize NFT videos, said they will abandon the project due to low demand two years after its launch.
Glass Protocol’s email address will remain open for questions, but the Telegram channel will be closed.
The NFT market experienced a rapid surge in demand back in 2021, outperforming the traditional crypto industry, as celebrities, alongside retail investors, rushed to purchase the next best thing in terms of monkeys, drawings, apes, dogs, and other types of pictures, as well as videos.
This led to the creation of multiple new services, but the trend changed just as sharply during the bear market of 2022, and the NFT space has seen massive outflows. This resulted in numerous projects having to shut down.
The latest to head in that direction is Glass Protocol – a project launched two years ago “with a vision for a decentralized video protocol.”
Although the team said it will stop active development, they asserted that the platform will “remain open and free fo all creators to use.”
Sends reaffirmed this in a separate post, indicating that “the website, protocol, and NFTs will remain operational and are stored safely.”
Nevertheless, he admitted the lack of demand for such projects despite working with some of the most notable names in the industry.
“Unfortunately we have come to the conclusion that there is not sustainable demand for video NFTs.”