Sam Sends and Varun Iyer, the creators of the venture capital-backed Glass Protocol, reportedly chose to give up on their initiative to monetize non-fungible token (NFT) films owing to a lack of demand, according to CryptoPotato. The project was started with the intention of developing a decentralised video protocol two years ago. The platform will continue to be open and free for use by all creators even though the team will stop actively developing for it.
Celebrities and ordinary investors raced to buy various kinds of photographs and videos, driving the NFT market to outperform the traditional crypto business in 2021. This resulted in the development of many new services, but the trend abruptly changed during the 2022 weak market, leading to significant outflows from the NFT area and the closure of countless enterprises.
Sends acknowledged in a separate post that there is not a long-term market for video NFTs despite working with some of the most recognisable names in the sector. The Telegram channel will be shut down, but the email address for the Glass Protocol will still be accessible for inquiries.