RARI Foundation Announces the Release of RARI Chain Mainnet on Arbitrum Marking a New Era for Creator Economy & NFT Revolution with Guaranteed Royalties

News provided by

RARI Foundation; Arbitrum Foundation

Jan 24, 2024, 09:00 ET

GEORGE TOWN, Cayman Islands, Jan. 24, 2024 /PRNewswire/ -- The RARI foundation, a non-profit committed to fostering the growth and expansion of decentralized NFT infrastructure and innovative use cases today announces the mainnet release of RARI Chain, an EVM L3 chain that embeds royalties on the sequencer level, a novel tech powered by Arbitrum. This marks an initiation of a new NFT era, empowering creators to seize control of their livelihoods and ensure rightful royalties for their creative endeavors. For the launch of RARI Chain mainnet, Rari Foundation, Rarible, HUG, Aniko Berman and Justin Gilanyi present a series of open edition collection drop from a dynamic cohort of ten digital artists, comprising a diverse range of aesthetic practices, career stages, and geographies. The artists are Alien Queen, Amber Vittoria, Andre Oshea, Ed Balloon, Jimena Buena Vida, Lindsey Byrnes, Ottis Ots, Saideart, Techkeyz, and Trizzy Trunk.

Built with Caldera by the RARI Foundation leveraging an Orbit chain, powered by the Arbitrum Nitro tech stack, RARI Chain stands as an Ethereum Layer 3 blockchain dedicated to advancing the NFT ecosystem growth. RARI Chain operates as a Layer 3 network built upon Ethereum specifically designed to address scalability challenges related to the NFT ecosystem. This strategic design allows for customizable rules and independent governance mechanisms, providing an environment tailored to the specific needs of NFTs as it scales. The governance of RARI Chain will be overseen by the RARI DAO, with active involvement from the $RARI token holders. Moreover, the chain embeds royalty payments on the node level, ensuring creators receive fair compensation for their contributions. Additionally, the mainnet provides a secure environment, low transaction costs, and ultra-fast block finality, providing an ideal platform to onboard mass NFT projects and users seamlessly.

Jana Bertram, Head of Strategy at RARI Foundation said, "The launch of RARI Chain mainnet turns our vision of creating NFT specific, creator-focused chain, that becomes home for creator economy, into a reality. We're excited to provide the ground for innovation and new NFT use cases, and welcome a new wave of NFTs and projects, by offering a new decentralized infrastructure tool to the web3 community."

Alex Salnikov, Chief Strategy Officer and co-founder of Rarible said, "Royalties are a crucial part of NFTs' value proposition. RARI Chain makes it impossible to circumvent this value. Code is law, and you can know with confidence that your royalties are guaranteed if your marketplace is deployed on RARI Chain. We are proud to lead the way as we continue to stand with artists and creators at Rarible."

AJ Warner, Chief Strategy Officer at Offchain Labs said, "As major brands continue to enter the NFT space, RARI implements a standard to reward the creators that drive the very innovation that attracts these organizations. We look forward to seeing which projects go to RARI Chain to see their NFT initiatives come to life in the near future."

RARI Chain Mainnet is launching with successful participation of several strategic partners to bootstrap the ecosystem. Notable collaborators include Rarible, LayerZero, Celestia, Decen t, Thirdweb, WalletConnect, Rainbow, Zerion, Magic, SimpleHash, Gelato, Caldera, and Arbitrum. These partnerships will serve as the foundational infrastructure for creators and developers, providing them with the tools to build new decentralized applications and NFT collections on RARI Chain.

Rarible.com's vision for integrating the chain involves seamlessly bridging assets to the RARI chain in the marketplace UI, and facilitating easy purchases. Additionally, the team aims to integrate a credit card on-ramp and checkout process, with the future prospect of introducing gasless transactions.

With the Mainnet launch imminent, RARI Chain is actively working towards the establishment of a grants fund. This initiative aims to empower projects in building their NFT applications. Additionally, a Creator Fund is in the pipeline, enabling a percentage of the chain proceeds into a sub-treasury designed for creators. The governance of RARI DAO will play a pivotal role in shaping the allocation and distribution of these funds, encouraging a collaborative and community-driven approach to NFT innovation.

RARI Chain's testnet phase witnessed an engagement from over 46,000 wallets and a total of over 251,000 transactions. Now RARI Chain has been released on mainnet, developers will soon be able to leverage Rarible protocol to create decentralized NFT applications. Moreover, global artists will be able to launch their NFT collections through Rarible on RARI Chain, thus redefining the future of digital collectables.

About RARI Foundation

Established in 2022, RARI Foundation is a non-profit organization serving as the official representative of RARI DAO. RARI DAO is governed by $RARI token holders in a decentralized autonomous organization and entrusts RARI Foundation with crucial responsibilities.

RARI Foundation is committed to building NFT infrastructure to power innovative NFT use cases. The foundation plays a pivotal role in steering treasury management, facilitating initiatives, and aligning with the community's vision. RARI Foundation's objective is to empower Rarible Protocol's decentralized evolution by facilitating the seamless transfer of ownership to the DAO. In doing so, RARI Foundation actively contributes to the governance and sustainability of the Rarible ecosystem.

For more information, please visit https://rari.foundation/

About Rarible

Rarible is a leading blue-chip NFT company that provides several products designed to lead creators and their communities to success at every stage of their NFT journey. Launched in 2019 by Alexei Falin and Alex Salnikov, Rarible offers a multi-chain, aggregated marketplace for NFTs, a self-serve marketplace builder tool, and a white-glove service for custom marketplaces. Since its inception, Rarible has grown rapidly and become one of the most well-known and highly-ranked NFT companies in the market, backed by Venrock and CoinFund.

For more information, please visit www.rarible.com

About The Arbitrum Foundation

The Arbitrum Foundation, founded in March 2023, supports and grows the Arbitrum network and its community with secure scaling solutions for Ethereum. Arbitrum One—a leading Ethereum Layer-2 scaling solution initially developed by Offchain Labs—offers ultra-fast, low-cost transactions with security derived from Ethereum through Optimistic Rollup technology. Launched in August 2021, the Arbitrum One mainnet beta is EVM-compatible to the bytecode level and has 60%+ TVL in the L2 segment. 400+ DeFi and NFT projects live in the ecosystem to date. In August 2022, Arbitrum One upgraded to the Nitro tech stack, enabling fraud proofs over the core engine of Geth compiled to WASM.

Media Contact
Shilika Jain
Head of PR at Myosin.xyz (on behalf of Rari Foundation)
shilika@myosin.xy

SOURCE RARI Foundation; Arbitrum Foundation