I bought the license and activated with the serial number. I closed the project overnight and the next day none of the effects are applied and I am unable to apply them. The little space invader symbol is grayed out, when I used to be able to open the each of the effects properties windows. Can you pls help? Thanks.

Hi there!
The space invader icon you’re referring to is a “Max for Live” indicator, which is there to simply let you know that this device was made using Max for Live, as opposed to it being a native Live device. In previous version of Ableton Live, this used to be a button to open a device in the Max editor. This has been moved to the context menu for which is now a new button on the far right (…). Click on that button and choose “Edit in Max” to open and edit a device in Max.
This doesn’t really have anything to do with Videosync’s effects not being applied though. I’ll need a bit more information from you to figure out why that may be. My first question is, is the Videosync 2 application actually running? Or have you perhaps been looking at Live’s own video window?