NFT video startup Glass Protocol will cease development.

Chane999

According to financial reports, Glass Protocol, an NFT video startup, announced on the X platform (formerly Twitter) that they would "terminate active development" of Glass Protocol due to the low demand for tradable digital video NFTs, making it unsustainable. Varun Iyer, one of the co-founders, stated, "The video NFT market can no longer sustain Glass's development, and unfortunately, our conclusion is that the demand for video NFTs is not sustainable." Glass Protocol had raised $5 million from investors like TCG Crypto and 1kx in September of last year. It is currently unclear whether the protocol's capital has been depleted.