Rally, a cryptocurrency-based social networking site, has put aside $12 million for external developers to expand the ecosystem’s functionality, perhaps paving the way for new ideas that benefit creators.
The Rally ecosystem’s native cryptocurrency, RLY tokens, would be usable to distribute the awards, according to the business. A $5M RLY is under the control of a community-elected developer council. Which has significant influence over the sorts of bounties and incentives issued.
Rally gave third-party development funding to Bonfire, MintGate, and David Young, the designer of the PLAY currency. Which is based on Rally, prior to launching the new program.
Rally is a platform that allows producers and artists to develop their own coinage and form autonomous communities. “We are focused on what would help creators the most right now”, Rally vice president Stephanie Pereira said when asked what sorts of third-party development efforts the firm would want to promote. The first three beneficiaries have contributed to the community in a variety of ways. Including inventing an airdrop methodology, integrating social tokens into web-based games, and creating customised widgets.
Social tokens and nonfungible tokens becoming increasingly popular
Social tokens and nonfungible tokens (NFTs), according to Pereira, are two sectors that will require additional development in the future. She declared:
“While social tokens and NFTs are still in their infancy, we’re seeing a demand for innumerable new products and are excited to engage with additional developers as more innovators lean in and explore.”
Over the last year, the NFT market has surged in popularity, becoming one of blockchain’s most popular use cases. According to DappRadar statistics, NFT sales hit a stunning $10.7 billion in the third quarter, breaking all prior records.
The popularity of social tokens is also increasing. Roll, a supplier of social token infrastructure, recently completed a $10 million Series A funding round alongside IOSG Ventures, Huobi Ventures, and others, as previously reported.