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RARI Foundation Launches Testnet for RARI Chain on Arbitrum, Introduces Royalty-Embedded NFT Ecosystem

The RARI Foundation, associated with the Rarible ecosystem, has successfully launched the testnet for the RARI Chain on Arbitrum. This innovative blockchain, which is equivalent to the Ethereum Virtual Machine (EVM), aims to function as an infrastructure solution for nonfungible tokens (NFTs) by directly incorporating royalties into its nodes.

Rarible Witnesses Massive Surge in Trading Volume

The recent surge in trading volume on Rarible served as a catalyst for the launch of the RARI Chain. Following a substantial 585% increase in Rarible’s 24-hour trading volume, the platform decided to exclude marketplaces lacking royalty support. This commitment to enforcing and supporting royalties resonated with the community, paving the way for the introduction of the RARI Chain.

Jana Bertram, the Head of Strategy at RARI Foundation, emphasized the crucial role of creators in advancing the NFT landscape. Bertram highlighted the significance of providing creators with robust tools and environments that contribute to their success, preventing their disintermediation from the growth of Web3.

Alex Salnikov, Co-founder of Rarible, echoed these sentiments, emphasizing a belief in a “creator-centric ecosystem” for Web3. The introduction of the RARI Chain, with royalties embedded at the node level, is presented as a protective measure for creators’ earnings. Salnikov stressed that this approach transforms creator royalties from a mere promise into a tangible guarantee.

Arbitrum, LayerZero, WalletConnect Support Rari Chain

The RARI Chain’s partnership ecosystem comprises key players, including Arbitrum, LayerZero, Thirdweb, Gelato, WalletConnect, Magic, and Caldera. Each of these collaborators actively contributes to the success of this novel blockchain.

Nina Rong, the Head of Ecosystem Development at Arbitrum Foundation, emphasized the importance of fairly rewarding creators for their contributions. The introduction of royalty enforcement at the node level, facilitated by the RARI Chain, represents a significant step toward realizing this vision.

Established in 2022, the RARI Foundation operates as a non-profit entity, serving as the authorized representative for the RARI DAO. Governed in a decentralized manner by $RARI token holders within an autonomous organization, the RARI DAO delegates crucial responsibilities to the RARI Foundation.

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