Written by Turner Wrightstaff writerReviewed by Ana Paula Pereirastaff editorSocial token platform Rally announces shutdown of sidechain
Latest NewsPublishedJan 31, 2023
Rally cited a “challenging year” for the crypto industry in its decision to “begin to sunset” the platform’s sidechain after Jan. 31.
Rally, a social token platform, has announced nonfungible tokens (NFTs) on its sidechain will no longer be accessible.
Users reported across social media platforms that Rally said the platform’s sidechain will “begin to sunset” after Jan. 31, leaving users unable to access NFTs once the site fully shuts down. The site’s developers did not say that they would be offering another path forward in the future, but hinted at building “leaner web3 experiences and/or products on mainnet.”
“2022 was a challenging year not only for the platform, but also for the entire crypto industry,” Rally said. “The team has worked relentlessly to try to find a path forward, however the challenges and macro headwinds are too overwhelming to overcome in the current environment.”
Related: Social tokens will be the engine of Web3, from fanbases to incentivization
Rally facilitated creators and artists launching their own social token projects and establishing independent communities directly on the platform. The “creator coins” allowed users to essentially monetize themselves, providing additional revenue.
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