Rally, the crypto-social platform, has earmarked $12 million for external developers to improve the functionality of the ecosystem, potentially setting the stage for new innovations that would benefit creators.
It has been reported that the grants program will be distributed through RLY tokens, the native cryptocurrency of the Rally ecosystem. A community-elected developer council controls $5 million worth of RLY, giving it considerable sway over which types of bounties and rewards get distributed.
However, prior to establishing the new program, Rally awarded third-party developer grants to Bonfire, MintGate, and David Young, the creator of the PLAY coin, which is built on Rally.
The report said that Rally enables creators and artists to launch their own cryptocurrency and establish independent communities directly on the platform.
Stephanie Pereira, the Vice President of Rally, said:
“We are focused on what would benefit creators the most right now.”
Likewise, the first three recipients have added value in numerous ways, such as developing an airdrop protocol, integrating social tokens into web-based games, and developing customized widgets. Pereira singled out social tokens and nonfungible tokens (NFTs) as two areas requiring more development work in the future.
“Social tokens and NFTs are still relatively in their infancy stage, but as more creators lean in and experiment, we’re seeing the need for countless new products and eager to partner with more developers.”
It has been analyzed that the NFT market has exploded in popularity over the past year, becoming one of blockchain’s most popular use cases. NFT sales reached a whopping $10.7 billion in the third quarter, shattering all previous records.
Thus, activity around social tokens is also on the rise. As recently reported, social token infrastructure provider Roll recently raised a $10 million Series A investment round with backing from IOSG Ventures, Huobi Ventures, and others.