Ethereum-based (ETH) social token platform Rally said its sidechain would shutter operations on Jan. 31, and users would be unable to transfer their non-fungible tokens (NFTs), according to emails sent to its community on the same day.

Following the news, its native token RLY  fell by roughly 10% to $0.01353, according to CryptoSlate data.

The project blamed its decision on the challenging past year, adding that the “macro headwinds are too overwhelming to overcome in the current environment.”

The platform’s social media accounts were deleted as of press time.

(By Oluwapelumi Adejumo)