Community-driven crypto project Rally raises $57M to grow creator monetization app
Following a successful launch late last year, Rally, a community-driven crypto project that empowers creators and artists to launch their own cryptocurrency to build sustainable, independent economies, today announced $57 million in funding for its community treasury through community approved sales of RLY, an Ethereum blockchain-based asset and native token of Rally.
The project is aiming for more growth through new community rewards and a forthcoming NFT platform. In addition, Rally has expanded its leadership team to include former Patreon executive Bremner Morris as CMO/CRO to assist the Rally community with go-to-market strategy and drive creator adoption. Michelle Vautier has joined the Rally project as VP Payments & Platform Partnerships, and former Twitter and BratTV executive Nick Millman has joined as VP Creator Partnerships.
Rally now features 100+ creator coins including Grammy-award winners Portugal. The Man (PTM) and !llmind (BLAP), dance music artist/producer Jauz (BTX); Clubhouse innovators Bomani X (BOO) and Xtina Holder (WOMXN); streamers/gamers Alliestrasza (ALLIE) and FanHOTS (FAN); hip hop legend Fab 5 Freddy (FAB5) and more. Currently, Rally’s top 5 creators are driving on average $102K USD weekly transaction volume and $29K USD in RLY rewards per week.
“In a few short months, the Rally network has taken great strides in empowering creators, artists, influencers, and their fans to embrace crypto and pioneer new paths for monetization and community building. The Rally network continues to expand led by innovative creators that are integrating their creator coins into their communities to establish flourishing digital economies. Through the successful adoption of their coins, creators are driving hundreds of thousands of dollars per month in transactions and community activity rewards. All powered by a platform that takes no fees from artists and is built in an eco-friendly way to support the minting of creator coins and NFTs.”
– Kevin Chou, Rally Co-Founder
$57M Raised for Community Treasury
Through decentralized community governance, the Rally community approved two separate fundraising events to fund its community treasury and empower its continued growth.
This past January, the Rally community approved a community treasury fundraise and successfully raised $35 million USDC through its community agent.
The Rally community also approved a sale by CoinList through its token distribution platform, which took place between April 1st-3rd, with a max purchase threshold of USD $1,000 per participant. This distribution resulted in an additional $22M USDC for the community treasury, with more than 40,000 new overseas users becoming part of the $RLY community following the sale.
Proceeds from these community-approved sales of RLY flow to the Rally community treasury, which is governed by the community and spent through community-led governance proposals designed to better the Rally network. No company or centralized party controls or has access to these funds.
Forthcoming Rally NFT Platform
The Rally Network will soon unveil a one-stop-shop for creators to launch their own social tokens and also create and sell NFTs via their social token and USD. The goal is to make NFTs accessible to every fan while providing new opportunities for creators looking for an eco-friendly alternative.
NFT platform benefits include:
- Eco-Friendly Alternative:
- The majority of existing NFTs today are minted on the energy-costly Ethereum blockchain; in layman’s terms, they are created (“minted”) based on a process known as proof-of-work (PoW), which necessitates the use of large networks of processing machines that result in carbon emissions. Rally’s sidechain will provide an eco-friendly alternative for artists and creators who want to explore NFTs without fear of harming the environment.
- Integration into a creator’s overall economy
- NFTs are currently very transactional and not integrated into the overall fan experience. By integrating these NFTs into the creator’s overall economy and providing options for fan participation, Rally’s approach to NFTs will allow for a more inclusive and fan-oriented NFT experience. For example, several early launches will feature opportunities for fans to earn an NFT.
Next month, Rally will launch a beta version for existing creators, with the full stand-alone project coming this summer. Launch partner creators will be announced at a later date.
Expanded Community Leadership Team
As mentioned above, the Rally project has expanded its leadership team to include Bremner Morris (Patreon) as CMO/CRO, Michelle Vautier (Patreon, Facebook) as VP Payments & Platform Partnerships, and Nick Millman (Twitter) as VP Creator Partnerships.
- Bremner Morris (CMO/CRO) – Overseeing all go-to-market initiatives. He is responsible for driving the awareness and adoption of Rally in the creator, fan, and crypto communities. Previously, he led the development of Patreon’s global go-to-market organization.
- Michelle Vautier (VP, Payments & Platform Partnerships) – Drives creator-led commerce, value creation, and expanding Rally into the payments space in service of creators and their economies. Michelle has 14+ years of global payments experience focusing on opening markets and solving hard problems. Most recently was the GM and VP of Payments at Appfolio Inc. Prior to that she led Payments and Global expansion at Patreon, Facebook, Mastercard, and Netflix.
- Nick Millman (VP, Creator Partnerships) – Leads team focused on creator recruitment and expanding Rally into new and diverse verticals and creator niches. Previously, Nick was the COO and founding member at Brat TV and Global Director of Content Partnerships at Twitter.
Original backers of Rally include a16z, a16z crypto, Coinbase Ventures, Battery, Canaan, 1confirmation, Altos Ventures, SparkLabs, The House Fund, IDEO CoLab, Green Bay Ventures, and #Hashed.