- Brothers and Nifty Gateway co-founders Duncan and Griffin Cock Foster have announced they are stepping down from their senior positions at the company.
- The news came after (but not in response to) Nifty Gateway’s parent company Gemini announced it was cutting 10 percent of its workforce.
- The Cock Foster brothers have no specific plans for the future, but they have expressed a desire to start another company.
- In an exclusive conversation with nft now, Duncan Cock Foster spoke about his decision and his brother’s decision to leave the company.
Why is it important
There are big changes on the horizon for the renowned NFT platform Nifty Gateway (NG). After years of managing a beloved market and driving innovation at the forefront of the NFT space, co-founders Duncan and Griffin Cock Foster announced they will leave their leadership positions in the company.
Ownership now belongs to co-founders of parent company Gemini, Cameron and Tyler Winklevoss. The leadership torch passed to Eddie Ma (technical lead) and Tara Harris (non-technical lead).
Many were surprised by the announcement, wondering if the move was due to the state of the cryptocurrency and tech industry, or even Gemini itself, which is struggling with the situation with its loan partner Genesis Global Capital. However, Duncan says that this is not the case, and that his and his brother’s decision was not an insult to the Twins in any form.
“There is no denying that the crypto and NFT markets are going through turbulent times right now, and Gemini is no exception. But betting against the Winklevoss twins is a terrible idea,” Duncan told nft now. “They are in the 0.01 percent of the most determined people in the world and I am confident that the Gemini will come out of this crypto winter stronger than ever before. Our decision to leave was due to the fact that we are entrepreneurs at heart and want to get back into entrepreneurship.”
As mentioned earlier, the main reason for the Rooster Fosters’ decision to leave was simply that their time had come. In his Twitter thread, Duncan said that when Nifty Gateway was originally acquired, he and his brother set themselves a threshold of four years before they would inevitably leave to found another company – no matter how well or badly things went to that time.
“As founders, we knew we always wanted to start another company at some point,” Duncan said. “I love the Gemini team and Gemini mission, but being a founder of a company is very different than running a division of a larger company, even if that larger company is one you love and respect. Ultimately, this is what influenced our decision more than anything else.”
According to Duncan’s thread, this transition has been in development for months now. And to assuage potential concerns from members of the NG community, he stated that he and his brother will publicly map out a roadmap and plan for the future in the coming weeks. However, the Cock Foster brothers personally do not know where they are heading next.
“When we said that we don’t have concrete plans for the future, that’s what we meant. We have been in the crypto sector for a long time and this is the industry we know best, so it is likely that the next company we create will also be in the crypto sector,” said Duncan. “We really don’t know for sure, and our only immediate plan is to get back to experimentation and research. The Winklevoss twins told us they’d write a check for anything. [our future company] is, so we’re sure of that part.”
While Duncan added that the only thing he’s aiming for right now is learning to surf, he also noted that he and his brother will eventually return. They both remain optimistic about the long-term viability of the NFT ecosystem.
“When Griffin and I reflect on the ecosystem now versus the ecosystem in 2018 when we first started participating, it’s unbelievable how much progress has been made. At that time, only a handful of creators could make significant money selling NFTs – now thousands (maybe even tens of thousands) of creators can do it, ”he said. “I certainly think that the path to NFTs becoming the mainstream technology that most people use every day is longer and more tortuous than we originally thought, but we believe and have always believed that this is where the industry is heading.”