According to CryptoPotato, Sam Sends and Varun Iyer, founders of the venture capital-backed Glass Protocol, have decided to abandon their project aimed at monetizing non-fungible token (NFT) videos due to low demand. The project was launched two years ago with the goal of creating a decentralized video protocol. Although the team will cease active development, they have stated that the platform will remain open and free for all creators to use.

The NFT market saw a rapid surge in demand in 2021, outperforming the traditional crypto industry as celebrities and retail investors flocked to purchase various types of images and videos. This led to the creation of numerous new services, but the trend reversed sharply during the bear market of 2022, resulting in massive outflows from the NFT space and the closure of many projects.

Despite working with some of the most notable names in the industry, Sends admitted in a separate post that there is not sustainable demand for video NFTs. The Glass Protocol's email address will remain open for questions, but the Telegram channel will be closed.