Important Dates:
- Announcement Date: March 1, 2024
- Last Day of Service: March 31, 2024
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1099 Filing Date: January 20, 2025
- For 2024 tax season
We understand this news may be disappointing, and we appreciate your understanding as we make this difficult decision. We're here to address your questions about the TwoYay marketplace shutdown.
General Questions:
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Why is TwoYay shutting down?
- We launched TwoYay with a mission to connect athletes with advertisers, and we've been truly inspired by the connections and opportunities we've helped facilitate between our talented athletes and brands. However, the rapidly evolving NIL landscape is demanding and unpredictable; we no longer wish to operate under such uncertainty. While this was a difficult decision, we believe it is the most responsible one to ensure a positive experience for you in the long run.
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When will TwoYay officially shut down?
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TwoYay will officially shut down on March 31, 2024.
- Platform access will be restricted starting March 1st, 2024.
- All open campaigns and partnerships will be closed.
- All outstanding funds will be distributed to athletes and creators for completed campaigns or refunded back to advertisers for open campaigns.
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TwoYay will officially shut down on March 31, 2024.
Account Questions:
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What happens to my account after March 31st?
- Platform access will be restricted and will be subject to our data policy. You will still have access to your Stripe account (https://connect.stripe.com/express_login) where you can view payouts and transfers.
Data and Privacy Questions:
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What happens to my personal data after the shutdown?
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We will retain necessary user data for at least 12 months after platform closure. This period allows us to fulfill legal and regulatory obligations, facilitate user requests, and properly archive information.
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We will retain the following types of user data:
- User profile information (name, contact details, etc.)
- Transaction history (financial transactions, campaign details)
- Content uploaded by users (photos, videos, text)
- Communication records (messages, support tickets)
- We reserve the right to modify this policy at any time. We will communicate any changes through platform announcements or email notifications.
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We will retain the following types of user data:
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We will retain necessary user data for at least 12 months after platform closure. This period allows us to fulfill legal and regulatory obligations, facilitate user requests, and properly archive information.
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Who can I contact if I have questions about my data privacy?
- For any questions regarding this Data Policy or your personal data, please contact us at hello@twoyay.com.
Advertisers:
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What happens to my active campaigns after March 31st?
- All open campaigns and partnerships will be closed and refunded.
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How can I withdraw my remaining funds?
- All remaining funds will be distributed to athletes and creators and/or refunded back to advertisers.
Creators:
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What happens to my ongoing collaborations and payments?
- All open campaigns and partnerships will be closed and refunded back to advertisers. Any pending payments for completed campaigns funds will be distributed to the creator.
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Will I be able to access my past earnings and collaboration history?
- You will be able to access your past earnings through your Stripe account https://connect.stripe.com/express_login). You can request your collaboration history by reaching out to hello@twoyay.com.
1099 Tax Forms:
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Will I receive a 1099 tax form for my earnings on TwoYay?
- Yes, creators who earned $600 or more through the TwoYay marketplace in 2024 will receive a 1099-NEC form by January 20, 2025, as required by IRS regulations.
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How can I access my 1099 form?
- You can log in to your account by visiting connect.stripe.com/express_login.
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How can I access my 1099 form after the shutdown?
- Creators can access their 1099 forms electronically by logging into their Stripe Express account. For more information, visit 1099 FAQs.
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I have questions about my 1099 form or taxes.
- Please consult with a tax professional for any questions regarding your specific tax situation.
Additional Support:
- We encourage you to visit our Help Center for more information and answers to frequently asked questions: help.twoyay.com
- If you have any other questions or concerns, please don't hesitate to contact our support team at hello@twoyay.com
Thank you for being a part of the TwoYay marketplace community. We appreciate your understanding and support during this transition.