Glass Protocol, a decentralized video protocol project, is shutting down due to low demand in the NFT market after two years in operation but will keep its platform open for creators to use.
Key Points
- The NFT market boomed in 2021 but saw a decline in 2022, causing many projects to halt operations, including Glass Protocol.
- Glass Protocol, aimed at establishing a decentralized video protocol, is shutting down due to low demand after two years in operation.
- The platform will remain open and free for creators, with the website, protocol, and NFTs remaining operational.
- The founders express gratitude to contributors and emphasize their commitment to enabling future use of the platform despite its closure.
The NFT market experienced a surge in demand in 2021, surpassing the traditional crypto industry. This spike in popularity was driven by both celebrities and retail investors who eagerly bought NFTs featuring various images and videos, such as monkeys, drawings, apes, dogs, and more. As a result, several new services were launched. However, the trend abruptly changed during the bear market of 2022, leading to significant outflows from the NFT space and causing numerous projects to cease operations.
Today we have some unfortunate news to share.
After a lot of consideration, we've decided to wind down development of Glass 🧵
— Glass Protocol (@glassprotocol) September 8, 2023
One such project is Glass Protocol, which was launched two years ago with the vision of establishing a decentralized video protocol. Unfortunately, due to low demand, the founders, Sam Sends and Varun Iyer, have made the decision to abandon the project after two years of operation.
Platform Continuity and Closure Announcement
While Glass Protocol will no longer be actively developed, the team assures that the platform will remain open and free for all creators to use. They emphasize that the website, protocol, and NFTs will continue to be operational and stored securely. The founders express their gratitude to everyone who contributed to the development of Glass Protocol and brought it to life.
Concluding Thoughts
Sam Sends, one of the founders, acknowledged the lack of sustainable demand for video NFTs, despite collaborating with prominent industry figures. Although the project will no longer be pursued, the email address of Glass Protocol will remain open for inquiries, while the Telegram channel will be closed.
“Unfortunately we have come to the conclusion that there is not sustainable demand for video NFTs.”
Despite its closure, Glass Protocol is dedicated to ensuring the availability and functionality of its platform for creators. This commitment aligns with their vision of enabling creators to utilize the platform freely in the future.
