RARI Foundation launches RARI Chain on Arbitrum to guarantee creator royalties, taking a step further to build the future of NFT infrastructure

News provided by

RARI Foundation; Arbitrum Foundation

Nov 30, 2023, 09:00 ET

George Town, Cayman Islands, Nov. 30, 2023 /PRNewswire/ -- The RARI foundation, a non-profit dedicated to fostering the growth and expansion of NFT infrastructure and innovative use cases has officially unveiled the testnet for "RARI Chain", an EVM equivalent blockchain embedding royalties on the node level, powered by Arbitrum. The RARI Foundation closely collaborates with the RARI DAO which governs the Rarible Protocol through its governance token $RARI. Moreover, the Rarible Protocol powers its native NFT marketplace, providing essential tools to create immersive NFT experiences. The launch of this testnet ushers in new possibilities for creators, collectors and developers of the RARI ecosystem.

The current NFT ecosystem is experiencing $6.9 billion in transactions, with a remarkable growth in the number of transactions over the past few years. However, a notable challenge arises from platforms making decisions on royalty payments for creators—a challenge the RARI Foundation is determined to address.

Designed with creators and collectors in mind, the RARI Chain emerges as a key NFT infrastructure solution—an EVM equivalent chain built on Arbitrum, designed to deliver a royalty-enforcing, high-speed, low-cost and developer-friendly network for creators, collectors, and builders. RARI Chain embeds royalties seamlessly on the node level, empowering creators with the freedom to create and fueling cross-market interoperability. Leveraging the inherent security of Ethereum, dApps can be seamlessly deployed on the RARI Chain, strengthening its vision as one of the largest creator chains in the Web3 ecosystem. The RARI Chain envisions a future where on-chain assets and ownership become a daily experience for users.

Jana Bertram, Head of Strategy at RARI Foundation said, "Creators have been the driving force behind NFT expansion, generating widespread awareness and fostering the adoption of web3. To ensure a sustainable economy, it is crucial to provide them with tools and environments contributing to their success. Our commitment is embedded in preventing the disintermediation of creators from the web3 growth. We firmly believe that cultural resonance is integral to the future of web3, and our aspiration is towards building that future together"

Nina Rong, Head of Ecosystem Development at Arbitrum Foundation said, "The RARI Chain stands to make a marked impact on the creators and innovators in the NFT space. Arbitrum Foundation firmly believes that those responsible for driving the NFT industry forward - the creators - should be fairly rewarded for their efforts and royalty enforcement at the node level leveraging Arbitrum technology is a significant step in accomplishing that."

Additionally as a part of this launch, Rarible, the turnkey NFT marketplace solution will be the core-adopter of RARI Chain. Rarible is committed to inviting inspiring creators and value-aligned collectors into our ecosystem. Beyond the marketplace, the Rarible Protocol will seamlessly integrate with the RARI Chain, catalysing the development of NFT applications on this creator-focused technology stack.

Alex Salnikov, Chief Strategy Officer and Co-Founder of Rarible said, "Our commitment to supporting artists and creators remains steadfast. We believe that web3 should be a creator-centric ecosystem where artists can thrive. With RARI Chain, we are taking a step forward in protecting their deserved continued earnings. By enforcing royalties at the node level, we are ensuring that creator royalties are more than just a promise, they are a guarantee.

At Rarible, we are more than just a marketplace; we are advocates for creator rights, and RARI Chain is a testament to our continued, unwavering support for the community of artists creating in web3".

Partners such as Arbitrum, LayerZero, Thirdweb, Gelato, WalletConnect, Magic, and Caldera will actively contribute support to the RARI Chain. Their involvement is geared towards ensuring the infrastructure of the chain is developer-friendly and user-friendly, creating an environment to welcome new applications, creators, and collectors.

Our public testnet is live and we're committed to iterating the improvement and performance over the coming months. The testnet will witness participation from enthusiastic creators and contributors to build the future of NFT infrastructure and creator-led economies. You can participate here https://rarichain.org/

About RARI Foundation

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

The 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 the Rarible Protocol's decentralized evolution by facilitating the seamless transfer of ownership to the DAO. In doing so, the 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 are 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
[email protected]

Myosin.xyz (on behalf of Rari Foundation)
[email protected]

SOURCE RARI Foundation; Arbitrum Foundation