(2021-04-28) Blockchain-based Creator Organization Rally Raises $57 Million, Plans Ecofriendly NFT Platform

Blockchain-Based Creator Organization Rally Raises $57 Million, Plans Eco-Friendly NFT Platform. Rally, which describes itself as a “decentralized organization,” was founded in 2018.

It launched its first creator product, Cameo competitor Taki, in February 2020. Then, last October, it unveiled the Rally Network, an Ethereum-based crypto project.

The Rally Network allows creators to make their own cryptocurrencies, called Creator Coins, that are traded on the Ethereum blockchain. Fans can then purchase Creator Coins using traditional currency via a credit or debit card, or with cryptocurrency. Users can also buy Rally’s cryptocurrency, $RLY.

The goal of the project is for Creator Coin to empower creators to build their own digital economy, independent from any specific platform,” Kurt Patat, Rally’s head of communications, tells Tubefilter. “Creator Coin allows creators to create an entire economy around their content and their fan communities in a way that works best for them. (True Fan)

Some creators use their Coins as a kind of fan club, so fans who buy their Coins can get access to things like exclusive merch or extra content. Fans can also earn more $RLY by holding Creator Coins and being active in creators’ communities on the network.

Creators, meanwhile, are able to cash out the value of their Creator Coins into $RLY, and then convert that $RLY to Ethereum or traditional currency that’ll be direct-deposited in their bank or PayPal account. Rally does not take a fee during these transactions, it says.

Rally’s $57 million was raised in two funding rounds, both of which sold $RLY currency through a “community agent” to generate money. The $57 million won’t be treated like traditional capital, Rally says. Instead of the money going into the business to be used at Rally’s discretion, it is being put into the Rally Network community treasury. Rally creators vote on how the money in the treasury is used.

Rally also announced that next month, it will begin beta testing an eco-friendly “one-stop-shop” for creators to mint and sell their own non-fungible tokens (NFTs)

Rally says its platform will be different, and will “provide an eco-friendly alternative for artists and creators who want to explore NFTs without fear of harming the environment.” The organization is not yet disclosing details about how eco-friendliness will be achieved.