Duncan Cock Foster and Griffin Cock Foster, who were both co-founders of the nonfungible token (NFT) auction platform Nifty Gateway, announced their resignations in a thread that was posted on Twitter on Jan. 25.
Nifty Gateway was established in 2018, and Gemini purchased it the following year. Their departure is effective immediately. In an attempt to justify their departure, Duncan said that Griffin and he are entrepreneurs at heart and want to create another firm.
Griffin and Duncan: It wasn’t that bad
When Gemini purchased NG in 2019, Griffin and Duncan agreed that if everything went well and they were happy in their new roles, they would each remain for four years before launching a new venture.
The fact that they ended up staying the maximum length of time they had anticipated being feasible is evidence of how enjoyable the trip was, per Duncan.
This decision was made amid a legal dispute between Gemini, the parent company of Nifty Gateway, and Genesis Global, a cryptocurrency lender that has since gone bankrupt.
After Genesis Global put a stop to withdrawals in November 2020 due to “extraordinary market circumstances,” Gemini claims that Genesis Global owes its members $900 million as part of the Gemini Earn program that Gemini offers. Gemini is currently suing Genesis Global.
Nifty Gateway was established in 2018, and Gemini purchased it the following year. Duncan said that in spite of the challenging financial situations at the parent firm, they have been getting ready for this development for months and that Nifty Gateway “is in excellent hands.”
Duncan: Cameron and Winklevoss knew the potential of NFTs
Duncan further claimed that Cameron and Tyler Winklevoss are visionaries who spotted the potential in NFTs long before practically anybody else. Cameron and Tyler Winklevoss are the brothers who founded Winklevoss Capital.
According to Duncan, Nifty Gateway will see further success as a result of its leadership. As part of the shift, Eddie Ma will take over as “technical leader” for Nifty Gateway, while Tara Harris will move into the role of “leader” for non-tech operations.
It is common knowledge that transitions may bring about an increased sense of unpredictability about the future. To that aim, in the weeks ahead, Duncan asserts that they will provide the general public with a road map and a strategy for the development of Nifty’s future.