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