RARI Foundation Teams up with Arbitrum to Integrate Royalty-Embedded EVM Chain

The RARI Foundation Introduces Testnet for RARI Chain

The RARI Foundation, the nonprofit arm of the Rarible ecosystem, has launched a testnet for an EVM-equivalent blockchain called “RARI Chain.” This blockchain will serve as a nonfungible token (NFT) infrastructure solution built on Arbitrum. The RARI Chain aims to embed royalties into its nodes, providing creators with the necessary tools for success.

Rarible’s Commitment to Royalties Boosts Trading Volume

Rarible recently experienced a significant increase in trading volume after demonstrating its commitment to royalties on its NFT marketplace. By removing marketplaces that do not support royalties and royalty enforcement from its aggregation data, Rarible saw a 585% surge in 24-hour trading volume on August 23.

Creators’ Success is Crucial for Web3 Growth

Jana Bertram, head of strategy at the RARI Foundation, emphasized the importance of supporting creators in the expansion of NFTs. Bertram stated that providing creators with tools and environments that contribute to their success is essential for a sustainable economy. The RARI Chain aims to prevent the disintermediation of creators from the Web3 growth.

Protecting Creators’ Earnings through Royalty Enforcement

Rarible co-founder Alex Salnikov believes that Web3 should be a creator-centric ecosystem that allows artists to thrive. The introduction of the RARI Chain is a step towards protecting creators’ earnings by enforcing royalties at the node level. This ensures that creator royalties are not just a promise but a guarantee.

Partners Support the RARI Chain

The announcement states that partners including Arbitrum, LayerZero, and WalletConnect will actively contribute support to the RARI Chain. Nina Rong, head of ecosystem development at Arbitrum Foundation, expressed the importance of fairly rewarding creators for their efforts. Enforcing royalties at the node level is seen as a significant step towards achieving this goal.

Hot Take: Empowering Creators and Ensuring Fair Rewards

The launch of the RARI Chain by the RARI Foundation signifies a commitment to empowering creators in the NFT space. By embedding royalties into its blockchain infrastructure, the RARI Chain aims to guarantee fair rewards for creators. This move is expected to drive further growth and innovation in the Web3 ecosystem while preventing disintermediation. With support from partners and a focus on creator-centricity, the RARI Foundation is positioning itself as a key player in the NFT industry’s evolution.