November 20, 2019
They are best-known for losing the Facebook concept—which they had named ConnectU—to the ambitious Mark Zuckerberg when they all attended Harvard University. And for winning $65 million in a suit against Zuckerberg in 2008.
But now the Winklevoss twins—Tyler and Cameron, age 38—have become crypto entrepreneurs. And Bloomberg reported on November 19 that they have made their first-ever acquisition, from a duo of entrepreneurs to whom they bear a strong resemblance.
Duncan and Griffin Cock Foster, 25, are also identical twins, Bloomberg says. While the Winklevoss brothers rowed in the 2008 Beijing Olympics, the other twins rowed in high school. That said, the Cock Fosters weren’t involved in the birthing of the social network Facebook.
The two sets of twins came together over their belief in the future of so-called nifties. A niftie may be a cat from the CryptoKitties game, in which players breed the digital felines, or a token representing ownership in art, stamps, and comic books—an asset that is being kept track of via a blockchain digital ledger and is tradeable.
To buy such collectibles, people typically have to open digital currency wallets, buy cryptocurrency on an exchange—a process that can take hours and can be confusing.
The Cock Fosters’ Nifty Gateway, which the Winklevosses’ Gemini Trust bought for an undisclosed sum, lets anyone pay for nifties with a credit card, via a streamlined experience similar to checking out through Amazon.
It doesn’t disclose its customer numbers or payment volume. But Duncan Cock Foster forecasts that nifties could one day attract as many as one billion collectors, Bloomberg reports. The Winklevosses expect that the market for nifties will be as big as the collectibles, art, and gaming markets combined.
“We believe in this future where all your assets will be on a blockchain and you may want to buy, sell and store them, and Nifty fits that vision,” Tyler Winklevoss said.
While initially Gemini, with more than 220 employees, and Nifty, with three workers, will continue to operate as stand-alone companies, that could change, and some of Nifty’s features could make way into Gemini services.
Duncan now owns about 300 nifties; and his brother, 100. While most people currently don’t even know what the word means, the two sets of twins hope that will change.
“All great companies, all great ideas there’s a period where you see a truth and many other people don’t, and you have to have that conviction,” Tyler Winklevoss said.
Research contact: @business