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 co-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's the first video-led NFT startup that's getting investment from TCG Crypto, which has raised $120 million to jumpstart 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.
Catch up quick: Glass was co-founded in 2021 by three University of Chicago alums, Varun Iyer, Sam Sendelbach and Dayo Adeosun.
Details: The company has transitioned its interface from Ethereum to the popular blockchain platform Solana, which Iyer tells Axios will be faster, cheaper and better. Glass works with around 120 creators, mostly in music videos.
What's next: By the end of 2023, it hopes to be working with at least 10,000 creators.
Editor's note: The story was updated to add 1kx to the headline and to correct the size of TCG Crypto's fund size to $120 million.
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