The RARI Foundation, the non-profit organization of the Rarible ecosystem, has officially launched an Ethereum Virtual Machine (EVM)-compatible blockchain testnet called the “RARI Chain” with royalties embedded in its nodes.
In an announcement sent to Cointelegraph, the RARI Foundation stated that RARI Chain will be an Arbitrum-based non-fungible token (NFT) infrastructure solution. The RARI Foundation says that by embedding royalties at the node level, creators will have the tools they need to successfully realize their efforts.
The move follows a recent uptick in trading volume as Rarible demonstrates its NFT marketplace’s commitment to royalties. On August 23, after Rarible removed markets that did not support royalties and royalty enforcement from its aggregate data, its 24-hour trading volume jumped nearly 585%.
1/ follow @raribleDecided to keep creator royalties and cancel both @外海 and @blur_io Looking at their aggregate data, Rarible’s trading volume has grown by 637% in the past 24 hours.
Do you think Larry Bull is right?
view @rarible on DappRadar pic.twitter.com/cg1dPChYar
— DappRadar (@DappRadar) August 23, 2023
Jana Bertram, director of strategy at the RARI Foundation, said in a statement that creators are the driving force behind the expansion of NFTs. Bertram explained:
“To ensure a sustainable economy, it’s critical to provide them with the tools and environment that help them succeed. Our commitment is to prevent creators from being disintermediated from Web3 development.”
Meanwhile, Rarible co-founder Alex Salnikov said they believe Web3 should be a “creator-centric ecosystem” that allows artists to thrive. Salnikov claims that RARI Chain is an initiative to protect creators’ income. “By enforcing royalties at the node level, we ensure that creator royalties are not just a promise, but a guarantee,” he said.
related: Users receive US$11 million in Blur token rewards in the second quarter airdrop of the NFT market
According to the announcement, their partners – Arbitrum, LayerZero, WalletConnect, etc. – will actively provide support for the new chain. Nina Rong, head of ecosystem development at the Arbitrum Foundation, also commented on the new development, saying that creators should be “fairly rewarded” for their efforts. The executive emphasized that node-level royalty enforcement is an important step towards achieving this goal.
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