Crypto-social platform Rally has reportedly dedicated a $12 million fund to enhance the feature of the ecosystem, possibly preparing the network for new innovations, which could prove beneficial to creators.

Specifically, the distribution of the grants initiative will reportedly be finalized via RLY tokens, the native crypto coin of the Rally ecosystem, per the firm. 

A developer council voted by the community will reportedly be in charge of supervising $5 million equivalent in RLY – which offers significant freedom and flexibility, regarding the kind of bounties and rewards to be distributed.

Before rolling out the new initiative, Rally has reportedly earmarked grants for numerous third-party developers, nominally Bonfire, MintGate and David Young, the creator of the PLAY coin, which is developed on Rally.

Rally reportedly offers creators and artists the ability to introduce their self-developed cryptocurrency, as well as forming independent communities straight on the platform. 

When the inquiry regarding the kinds of third-party development work the firm is looking to throw its weight behind, Rally vice president Stephanie Pereira reportedly revealed that they are setting their target on what would offer the most advantages to creators at the moment. 

“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.” Pereira particularly mentioned social tokens and non fungible tokens (NFTs) as two primary fields that need additional development for the long haul.