NFT Glass video platform raises $5M led by TCG, 1kx

Glass, a video platform that allows creators to monetize their videos as NFTs, raised a $5 million seed round, Axios reports. The round was co-led by TCG Crypto, a large crypto investment fund within the Chernin Group, as well as 1kx, an early-stage crypto fund.

Why is this important: It is the first video-led NFT startup receiving investment from TCG Crypto, which has raised $1 billion to relaunch the web3 creator ecosystem.

How it works: Glass is trying to bring the creator video market to Web3 by getting investors, creators, and NFT fans to buy videos with NFTs.

  • Currently, major video platforms like YouTube and TikTok only pay creators a portion of the ad revenue generated by their videos based on views.
  • Glass’s 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 fast: 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 accessible to all creators and audiences, such as YouTube or TikTok, to leverage TCG Crypto connections to expand these creator partnerships.
  • Over the past year, the seven-person company has generated around $1 million in revenue for its creators, and the company itself has generated around $100,000 in revenue through NFT revenue distribution. He worked with artists like Timbaland and Kygo.
  • “We believe creators will now have a platform to connect directly with their closest fans in a way that’s different from Instagram, YouTube and other incumbent video mediums,” said Jarrod Dicker, partner of TCG Crypto.

Details: The company has moved its interface from Ethereum to popular blockchain platform Solana, which Iyer says Axios will be faster, cheaper and better. Glass works with around 120 creators, mostly in music videos.

  • He hopes to expand his creator portfolio to include more blogger videos in the coming months, as bloggers tend to post regularly and have loyal video communities, Iyer says.
  • On Monday, it’s adding creator profiles to its platform so audiences can see which videos they’ve paid for and how much that investment has increased.
  • They have also integrated a secondary market into the Glass platform so that users can buy and sell NFTs within the same interface they use to watch videos on Glass.

And after: By the end of 2023, she hopes to work with at least 10,000 creators.

Editor’s note: The story has been updated to add 1kx to the title.

About Dwayne Wakefield

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