In an intriguing transition in the Web3 space, Glass Protocol, a revolutionary player in decentralized media and the leading voice in video NFTsannounces its return to Ethereum — despite turning its back on the blockchain for Solana in late 2022.

Quick Takes:

  • Glass Protocol returns to the Ethereum network after transferring away for Solana in late 2022.
  • Artists can re-mint their NFTs on the ETH network at Glass’ expense, while collectors must pay to claim the new NFT editions.
  • The video NFT platform cited the lack of interoperability between Solana and Ethereum as the most prominent reason for the switch.

Since its inception, Glass has garnered an impressive following, with over 10,000 NFTs minted, hundreds of creators onboarded, and $1.5M+ in total volume. However, the company has now re-identified Ethereum as the key to unlocking its full potential.

After migrating to Solana, Glass began reevaluating its position in December 2022, a mere few months after the initial transition. Despite the laudable performance and innovative features like ‘The Circle’ on Solana, a rising concern was interoperability with existing Web3 applications. Glass understood that Ethereum’s widespread adoption was an asset it must pay more attention to.

The pivot in strategy became essential as creators began wanting to reward their existing collectors, most of whom have roots on Ethereum. Glass’s commitment to building a thriving ecosystem that empowers creators and collectors necessitated the shift.

Glass Protocol ceased further development on Solana in January 2023 to focus on creating a new Ethereum-based version. The move aims to capitalize on Ethereum’s robust infrastructure, fostering enhanced collaborations and integrations with other applications.

Glass’s Smooth Sailing Back to Ethereum

On June 30, Glass aims to unify its content and website into a singular experience. At the end of June, actions on Solana will disable, leaving the information available — but only to read.

In addition, Glass is helping creators re-mint their Ethereum videos and provide editions to existing collectors without cost to the creators. On the other hand, collectors will be responsible for claiming new editions, incurring potentially substantial gas costs on a network known for gas wars.

Glass’s dedication to minimizing friction and ensuring a seamless transition for its community is commendable. The decision to return to Ethereum is poised to fortify Glass’s position in the NFT space, allowing the video NFT platform to effectively engage with and support the evolving needs of creators and collectors alike.

Subscribe to the NFT Lately newsletter to receive news covering the latest NFT-related drops, releases, reviews, and more.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *