{"id":170363,"date":"2023-01-31T23:26:08","date_gmt":"2023-01-31T23:26:08","guid":{"rendered":"https:\/\/precoinnews.com\/?p=170363"},"modified":"2023-01-31T23:26:08","modified_gmt":"2023-01-31T23:26:08","slug":"social-token-platform-rally-announces-shutdown-of-sidechain","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/social-token-platform-rally-announces-shutdown-of-sidechain\/","title":{"rendered":"Social token platform Rally announces shutdown of sidechain"},"content":{"rendered":"
Rally, a social token platform, has announced nonfungible tokens (NFTs) on its sidechain will no longer be accessible.<\/p>\n
Users reported across social media platforms that Rally said the platform\u2019s sidechain will \u201cbegin to sunset\u201d after Jan. 31, leaving users unable to access NFTs once the site fully shuts down. The site\u2019s developers did not say that they would be offering another path forward in the future, but hinted at building \u201cleaner web3 experiences and\/or products on mainnet.\u201d<\/p>\n
\u201c2022 was a challenging year not only for the platform, but also for the entire crypto industry,\u201d said Rally. \u201cThe 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.\u201d<\/p>\n
Related: <\/em><\/strong>Social tokens will be the engine of Web3, from fanbases to incentivization<\/em><\/strong><\/p>\n Rally facilitated creators and artists launching their own social token projects and establishing independent communities directly on the platform. The \u201ccreator coins\u201d allowed users to essentially monetize themselves, providing additional revenue.<\/p>\n