crypto strategy

Social token platform Rally announces sidechain shutdown

Rally, a social token platform, has announced that non-fungible tokens (NFTs) on its sidechain will no longer be accessible.

Users reported on social media platforms, Rally said the platform’s sidechain would “start to disappear” after January 31, leaving users unable to access NFTs once the site is completely shut down. The site developers did not say they would be offer another way forward in the future, but hinted at creating “lighter mainnet Web3 experiences and/or products”.

“2022 has been a tough year not just for the platform, but for the entire crypto industry,” Rally said. “The team has been working tirelessly to try and find a way forward, but the challenges and macro headwinds are too overwhelming to overcome in the current environment.”

Related: Social Tokens Will Power Web3 From Fanbases to Incentive

Facilitated gathering of creators and artists launch their own social token projects and create independent communities directly on the platform. “Creative coins” allowed users to essentially monetize themselves, providing additional revenue.