The founders of NFT marketplace Nifty Gateway are to step down and intend to start a new venture.
Twin brothers Duncan and Griffin Cock Foster sold the business in 2019, a year after it was founded, to cryptocurrency exchange Gemini – owned by twins Cameron and Tyler Winklevoss – at a time when non-fungible tokens were yet to take off.
On Monday Gemini laid off 10% more of its staff, following two rounds of earlier layoffs. It is owed up to $900 million by crypto lending firm Genesis – which filed for bankruptcy last week – after they partnered on Genesis Earn, a programme that offered customers up to 7.4% interest on crypto holdings. It ended when Genesis and Gemini froze withdrawals last November.
Vice president of engineering Eddie Ma and director of collector services and growth Tara Harris will take over the running of Nifty Gateway, with the Cock Fosters remaining as advisors.
NFT trading volumes have fallen 94% in the past year.
“When Gemini acquired NG in 2019, Griffin and I said if everything went amazing and we loved it, we would stay for four…