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Co-founder of Nifty Gateway: If you play NFT only for money, you will not achieve long-term success



If the NFT mania makes you feel exhausted and overwhelmed, maybe this time you should listen to some more sensible opinions from the NFT circle and add some thought.

Duncan Cock Foster, co-founder of NFT trading platform Nifty Gateway, told Decrypt that he is tired of all profit-seeking behavior.

The NFT craze in February and March is "shaking up," Cock Foster said. Since then, interest has waned. So is Cock Foster's patience.

Voyager Digital will acquire cryptocurrency payment company Coinify for $84 million: According to news on August 2, cryptocurrency brokerage Voyager Digital said it has agreed to acquire cryptocurrency payment company Coinify, with a transaction value of about $84 million in stock and cash.

The acquisition will give Canadian stock exchange-listed Voyager access to the cryptocurrency payments industry due to the presence of the Coinify platform in Europe, Asia and the Americas, the company said.

Under the deal, Coinify investors will receive 5.1 million Voyager shares, valued at about $69 million, and $15 million in cash. The stock closed Friday at C$16.9 ($13.57).

Voyager will keep $5.5 million in cash on Coinify’s balance sheet. (Coindesk) [2021/8/2 1:29:57]

He's tired of artists or musicians emailing and saying, "Hey guys, we need to call and talk right away. I need to launch my NFT within the next week before the NFT hype dies down!"

Jidou Capital Partner Jennifer: Whether you invest in Defi or borrow money, the position is very, very important: named by Lotus, sponsored by Jinse Finance and ChainUP, co-organized by BTSLabs and Vtrading, co-sponsored by many blockchain companies in Shenzhen The Golden LIVE was held at BTCLOUNGE, the first blockchain bar in Shenzhen. At the conference on "How Centralized Exchanges Build the Defi World", Jennifer, a partner of Jidou Capital, said that when we look at the DeFi market now, we think it is still very early, and I think there should be many people who really don't. Participating in Defi, there are many big players in our area recently. He really put his own currency into the contract currency of a certain (English) currency. In theory, he entered a black hole and couldn’t find it, but There may also be a 1:1 mapping from the project party to him. In terms of safety, everyone still needs to establish their own safety dimension to consider. In the face of new projects, including Defi, in fact, investors, I think you may be on the same starting line as all Xiaobai. We are not a little bit higher than you, or a little bit. What I am more interested in in the Defi project is borrowing. The simplest thing, whether you invest in Defi or borrow money, the position is very, very important. It is the same as the stock market. You must spend money within a reasonable range. , Doing this, including when you are mining, is actually very interesting to many people, including some of my friends who have already speculated coins. They don’t understand the mining rules, so they rush in. This is the security issue we are talking about. You have to understand that there is no one in this industry to help you defend your rights. [2021/3/17 18:53:36]

He sees this as a red flag. "If that's your attitude, you probably won't have long-term success in the NFT space," he said.

The total financing amount of the Danish digital currency exchange Coinify ApS is close to 9 million US dollars: Coinify ApS was established in May 2014. The company can provide blockchain digital currency transactions and payment processing services. At present, Coinify's business has covered the entire single euro payment area, supporting 34 countries in Europe to trade digital currencies. As of now, the total financing amount of Coinify ApS has been close to 9 million US dollars. [2017/12/27]

But, according to Cock Foster, this gritty approach is ultimately a good thing: He thinks it means the market will work toward more sustainable growth.

While artists and marketplace operators have been growing the industry into something of value over the past few years, many still believe that NFTs will be short-lived.

Nathan Beer, head of content-zce at SuperRare, said in a panel discussion that many critical views confuse NFT technology with NFT art.

Cock Foster said that today's NFT opponents also include those around 2018, when CryptoKitties were the focus of attention. These people were yelling at the time that NFTs would never take off.

“Some people are a bit like Peter Schiff,” he said. (Note: Peter Schiff is a long-time Bitcoin critic, a Bitcoin skeptic through and through) “He keeps making [the same Bitcoin criticism], and he keeps making more and more mistakes every year.”

Cock Foster believes that time will also prove NFT haters wrong.

But what about the environmental damage that critics lashed out at NFTs? Ethereum's proof-of-work (PoW) blockchain consumes a lot of energy to verify transactions, including those for NFTs.

Such concerns are widespread, Beer said. Regardless of the NFT, the Ethereum network is always running at maximum capacity. "So whether it's zero transactions or a million transactions, it will have the same impact," he said.

Griffin Cock Foster, brother and co-founder of Cock Foster, said ethereum's transition to proof-of-stake (PoS) will reduce its energy consumption. That's where he hopes to draw attention, "not to the artists who are minting NFTs."

Cock Foster believes that NFT's energy consumption is not immoral, and for blockchain believers, "electricity is worth it."

Beer said there are calls for the development of decentralized autonomous organizations (DAOs) that would allow members to buy small amounts of NFTs instead of whole tokens.

Others are eager to show off their NFTs and are chasing digital displays that support rich multimedia assets.

If operators manage to convince artists to keep making NFTs, and customers to keep buying them, NFTs can continue to ride the wave.


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Co-founder of Nifty Gateway: If you play NFT only for money, you will not achieve long-term success

If the NFT mania makes you feel exhausted and overwhelmed, maybe this time you should listen to some more sensible opinions from the NFT circle and add some thought.Duncan Cock Foster.

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