@HeyLayer

This is a hard note to write. Closing something you’ve poured years of your life into comes with a real emotional weight. Even when you know intellectually that it’s the right decision, it can still feel personal, like a failure. I want to be upfront about that because pretending otherwise wouldn’t be honest. About five years ago, along with Alla and Marina, we started Layer Technologies, Inc. with genuine conviction and care. Given the circumstances we had, we truly gave it our all. We stretched the money we raised as responsibly and thoughtfully as possible, and we were intentional at every step about how we used that capital and how long we extended our runway. The reality is that the NFT art market never materialized beyond the brief window when we first entered the space. It never recovered in a meaningful way, and that has become increasingly clear over time. This wasn’t just a matter of sentiment or timing. Recently, an artist we were actively working with chose to step away from the project and bitcoin art altogether, and that moment crystallized something we had already been feeling. It was a real signal that the market for art on Bitcoin at least for now is continuing to shrink, not grow. We’re far from alone in this. Other serious and thoughtful teams working in this specific space have also stepped away from similar efforts. That context matters. This outcome is not about a lack of effort, belief, or integrity. It’s about responding honestly to the market conditions we were operating within. As a result, effective immediately, Layer Technologies, Inc. is winding down operations and closing. Continuing forward would have meant keeping our mental energy and focus locked onto something largely outside of our control. At a certain point, that’s not productive or responsible. Choosing to close this chapter is not about giving up. It’s about clarity. What this decision does create is space. Space to let go of something we can no longer influence, and space to build again when it genuinely feels exciting to build. With the rapid evolution happening in areas like AI and its intersection with crypto, this feels like a moment where new ideas, fresh energy, and meaningful work are emerging. Closing this chapter allows us to move toward that with focus instead of distraction. I’m deeply grateful to everyone who supported us, believed in the vision, collaborated with us, and trusted us along the way. This company mattered. The work mattered. And even though this chapter is ending, the experience, relationships, and lessons absolutely do not disappear with it. I personally continue to be a firm believer in Bitcoin and plan to spend time in the Stacks ecosystem. This chapter is closing, but it is not the end of the story. Thank you for being part of this journey and Happy New Year! With appreciation, Gary Riger On behalf of the Layer Technologies team