The RARI Foundation, the non-profit division of the Rarible ecosystem, has officially introduced a blockchain testnet named the "RARI Chain," compatible with the Ethereum Virtual Machine (EVM) and integrated with royalties within its nodes.
As communicated to Cointelegraph in an official announcement, the RARI Foundation highlighted that the RARI Chain serves as an infrastructure solution for non-fungible tokens (NFTs) based on Arbitrum technology. They emphasized that embedding royalties at the node level equips creators with essential tools crucial for their success in the ecosystem.
This move comes in response to increased trading activity, showing Rarible's dedication to supporting royalties within its NFT marketplace. Following the removal of markets lacking royalty support, there was a notable surge of almost 585% in 24-hour trading volume on August 23. Jana Bertram, the head of strategy at the RARI Foundation, emphasized the pivotal role of creators in driving the NFT expansion. Bertram stressed the importance of providing creators with an environment and tools to ensure their economic sustainability, aiming to prevent their exclusion from Web3 advancements.
Alex Salnikov, co-founder of Rarible, emphasized the belief that Web3 should revolve around creators, enabling artists to flourish. Salnikov underscored the significance of RARI Chain in safeguarding creators' income, stating that embedding royalties at the node level transforms them from a mere promise into a guaranteed reality. Additionally, the announcement mentioned active support from partners like Arbitrum, LayerZero, WalletConnect, and others for the newly introduced chain.
Nina Rong, head of ecosystem development at the Arbitrum Foundation, echoed the sentiment, emphasizing the necessity of fairly rewarding creators for their contributions. Rong highlighted that enforcing royalties at the node level marks a crucial stride toward ensuring creators receive fair compensation for their efforts in the ecosystem.
