The RARI Foundation, the non-profit organization of the Rarible ecosystem, has officially released a testnet for an EVM-equivalent blockchain called ‘RARI Chain’, with royalties embedded in the nodes.
In an announcement to Cointelegraph, the RARI Foundation said the RARI Chain will be a non-fungible token (NFT) infrastructure solution built on Arbitrum. Because royalties are embedded at the node level, the RARI Foundation says creators will have the tools they need to be successful in their endeavors.
The move follows a recent increase in Rarible’s trading volume after it demonstrated its NFT marketplace’s commitment to royalties. On August 23, 24-hour trading volume on Rarible increased by almost 585% after it removed marketplaces that do not support royalties and royalty enforcement for its aggregate data.
1/ Following @rarible’s decision to keep creator royalties and remove both @opensea and @blur_io from their aggregation data, Rarible’s trading volume has increased by 637% in the last 24 hours.
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Jana Bertram, head 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 is crucial to provide them with tools and environments that contribute to their success. Our commitment is embedded in preventing the disintermediation of creators from Web3’s growth.”
Meanwhile, Rarible co-founder Alex Salnikov said they believe Web3 should be a “creator-centric ecosystem” that allows artists to thrive. Salnikov claims that the RARI Chain is a measure to protect creators’ revenues. “By enforcing royalties at the node level, we ensure that creator royalties are more than just a promise, they are a guarantee,” he said.
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According to the announcement, their partners Arbitrum, LayerZero, WalletConnect and many others will actively contribute to supporting the new chain. Nina Rong, head of ecosystem development at Arbitrum Foundation, also commented on the new development, saying creators deserve to be “fairly rewarded” for their efforts. The executive emphasized that enforcing royalties at the node level is an important step in achieving this.
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