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

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Jai Pratap

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Jai Pratap

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Jai serves as the Asia Desk Editor for Cryptonews.com, where he leads a diverse team of international reporters. Jai has over five years of experience covering the web3 industry.

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November 30, 2023 09:44 EST

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The RARI Foundation, the nonprofit entity linked to the Rarible ecosystem, has officially launched the testnet for the RARI Chain on Arbitrum.

This novel EVM-equivalent blockchain is designed to serve as a nonfungible token (NFT) infrastructure solution, embedding royalties directly into its nodes.

Rarible Witnesses Massive Surge in Trading Volume

The recent surge in Rarible’s trading volume acted as a catalyst for this initiative. Following a 585% uptick in the 24-hour trading volume on Rarible, the platform decided to exclude marketplaces lacking royalty support. This commitment to royalty enforcement and support evidently struck a chord with the community, setting the stage for the unveiling of the RARI Chain.

In a press release shared with CryptoNews, Jana Bertram, the Head of Strategy at RARI Foundation, emphasized the pivotal role of creators in propelling the NFT landscape forward. Bertram highlighted the importance of providing creators with robust tools and environments that contribute to their success, ultimately preventing their disintermediation from the Web3 growth.

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

Arbitrum, LayerZero, WalletConnect Support Rari Chain

The partnership ecosystem supporting the RARI Chain includes key players such as Arbitrum, LayerZero, Thirdweb, Gelato, WalletConnect, Magic, and Caldera, all actively contributing to the success of this new blockchain.

Nina Rong, the Head of Ecosystem Development at Arbitrum Foundation, stressed the significance of fairly rewarding creators for their efforts. Royalty enforcement at the node level, as facilitated by the RARI Chain, marks a substantial step in realizing this vision.

Founded in the year 2022, the RARI Foundation is a non-profit entity fulfilling the role of the authorized representative for the RARI DAO. Operating under the decentralized governance of $RARI token holders within an autonomous organization, the RARI DAO delegates pivotal responsibilities to the RARI Foundation.