The RARI Foundation Launches Testnet for RARI Chain on Arbitrum
The RARI Foundation, the nonprofit entity associated with the Rarible ecosystem, has officially introduced the testnet for the RARI Chain on Arbitrum. This innovative blockchain is designed to serve as an infrastructure solution for nonfungible tokens (NFTs), incorporating royalties directly into its nodes.
Rarible Witnesses Surge in Trading Volume
The recent surge in trading volume on Rarible has played a significant role in driving this initiative. In response to a 585% increase in 24-hour trading volume, Rarible decided to exclude marketplaces that lack royalty support. This commitment to enforcing and supporting royalties resonated with the community and led to the launch of the RARI Chain.
Jana Bertram, Head of Strategy at the RARI Foundation, emphasized the importance of empowering creators and providing them with tools and environments that contribute to their success. Alex Salnikov, Co-founder of Rarible, echoed this sentiment and highlighted the creator-centric nature of the Web3 ecosystem.
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. These entities are actively contributing to the success of this new blockchain.
Nina Rong, Head of Ecosystem Development at Arbitrum Foundation, emphasized the significance of fairly rewarding creators for their efforts. The introduction of royalty enforcement at the node level through the RARI Chain is a major step towards realizing this vision.
RARI Foundation’s Commitment to NFT Ecosystem
Established in 2022, the RARI Foundation operates as the authorized representative for the RARI DAO, a decentralized organization governed by $RARI token holders. The foundation plays a vital role in fulfilling pivotal responsibilities delegated by the DAO.
Overall, the launch of the RARI Chain on Arbitrum and the integration of royalties at the node level demonstrate the RARI Foundation’s commitment to building a robust and creator-centric NFT ecosystem.
Hot Take: RARI Chain Empowers Creators and Safeguards Royalties
The RARI Foundation’s launch of the testnet for the RARI Chain on Arbitrum marks an important milestone in the NFT space. By embedding royalties directly into its nodes, the RARI Chain offers creators a tangible guarantee for their earnings. This creator-centric approach not only empowers artists but also contributes to the growth of Web3. With support from key players like Arbitrum and WalletConnect, the RARI Chain is poised to become a significant infrastructure solution for NFTs. The RARI Foundation’s commitment to fair rewards and its role in governing the decentralized RARI DAO further solidify its position as a leader in the NFT ecosystem.
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