NFT video platform Glass raises $5M led by TCG
Glass, a video platform that allows creators to monetize their videos as NFTs, has raised a $5 million seed round, Axios reports. The round was led by TCG Crypto, a large crypto investment fund within The Chernin Group, as well as 1kx, an early stage crypto fund.
Why it matters: It is the first video-led NFT startup to receive investment from TCG Crypto, which has raised $1 billion to seed the web3 creator ecosystem.
How it works: Glass is trying to bring the creator video market into web3 by providing incentives for NFT investors, creators and fans to buy videos with NFTs.
- Currently, major video platforms like YouTube and TikTok only pay creators a portion of the ad revenue their videos generate based on views.
- Glass’ model allows audiences to dictate the monetary value of a video based on its quality.
- The startup allows users to unlock access to videos by purchasing them as NFTs or fans can collect free-to-watch videos to add to their NFT collections.
Catch up quickly: Glass was co-founded in 2021 by three University of Chicago alumni, Varun Iyer, Sam Sendelbach and Dayo Adeosun.
- The company hopes to make its platform openly available to all creators and audiences, like YouTube or TikTok. It hopes to leverage TCG Crypto’s connections to expand these creator partnerships.
- Over the past year, the seven-person company has generated about $1 million in revenue for its creators, and the company itself has brought in about $100,000 in revenue from NFT revenue sharing. It has worked with artists such as Timbaland and Kygo.
- “We believe creators now want a platform to build a direct connection with their closest fans in ways that differ from Instagram, YouTube and other established video media,” said Jarrod Dicker, a partner at TCG Crypto.
Details: The company has transitioned its interface from Ethereum to the popular blockchain platform Solana, which Iyer told Axios will be faster, cheaper and better. Glass works with around 120 creators, mostly in music videos.
- It hopes to expand its creator portfolio to include more blogger videos in the coming months, as bloggers tend to post consistently and have loyal video communities, Iyer said.
- On Monday, it will add creator profiles to its platform so audiences can see which videos they’ve paid for and how much their investment has grown.
- They have also built a secondary marketplace into the Glass platform so users can buy and sell NFTs within the same interface they use to watch videos on Glass.
What’s next: By the end of 2023, it hopes to work with at least 10,000 creators.
