Social token platform Rally shuts down sidechain containing creator NFTs
Quick Take
- The social token platform Rally told users that it will shut down its sidechain immediately.
- The chain contained creator NFTs, causing some to claim that Rally “rugged” the people using the firm’s services.
The social token platform Rally is shutting down a sidechain containing creator NFTs.
In an email sent to users, Rally said that it would sunset the Rally sidechain after today, meaning that some services may be degraded or inoperable.
Shutting down the sidechain, which appears to have no other bridges to it, will effectively destroy all the digital assets it contains. Some users are claiming that they were "rugged," a term popular in crypto circles that refers to getting scammed.
A tweet claiming that Rally "rugged" its creators by shutting down its sidechain.
Rally is a web3 platform that allows content creators to set up their own crypto token that circulates within their microeconomy. The coin can then be used to gain exclusive access to the creator or purchase additional items like NFTs. As a creator's fan base grew, so too did the value of its token.
Rally did not immediately respond to The Block's request for comment.
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