The price of the native token RALLY has plummeted after social token project Rally announced that it would terminate the Ethereum (ETH) sidechain containing NFTs from its creators.
Rally developers announced in a recent statement that the Ethereum sidechain, which also includes creator-owned NFTs, will be shut down. According to the statement, the side chain on January 31st When the site is completely closed, while it is stated that it will be terminated, users will be can’t access NFTs declared. The chain’s content creators’ NFTs included some users using the company’s services. “robbed” caused the claim. While users are reacting to the situation, so is the token price. a sudden drop it happened.
Rally enabled creators and artists to launch their own social token projects and build independent communities directly on the platform. “Creator assets” provided additional income to NFT producers and users. However, according to the platform’s claim, Rally, which was seriously affected by the difficult processes in 2022, had to stop its operations.
2022 has been a challenging year not only for the platform but also for the entire crypto industry. The team has worked relentlessly to find a way forward, but the challenges and macro headwinds are too great to be overcome in the current environment.
CoinGecko data in the last 24 hours 19% depreciating RALLY, 0.01208212 dollars decreased to its level. at the time of writing From $0.01232576 is being traded.