Rarible, a prominent NFT marketplace, has reaffirmed its dedication to enforcing NFT royalties by unveiling a testnet for the “RARI Chain,” an Ethereum Virtual Machine (EVM)-compatible blockchain.
Developed by the RARI Foundation, the non-profit arm of the Rarible ecosystem, this initiative embeds royalties directly into the nodes of the blockchain infrastructure.
RARI Chain: A Royalty-Embedded NFT Solution
The RARI Foundation announced the launch of RARI Chain, describing it as an NFT infrastructure solution operating on Arbitrum, designed with royalties integrated into the node level. Moreover, this innovation aims to equip creators with essential tools necessary for their success within the NFT space.
This move comes in the wake of a notable surge in Rarible’s trading volume. It coincides with its commitment to supporting royalties in its NFT marketplace. Further, the platform’s 24-hour trading volume witnessed a staggering increase of almost 585% on August 23 after excluding marketplaces lacking royalty support from its aggregation data.
Empowering Creators and Sustaining NFT Growth
Moreover, Jana Bertram, the RARI Foundation’s head of strategy, stressed the pivotal role creators play in driving NFT expansion. Further, Bertram emphasized the necessity of providing creators with conducive environments and tools for their success, aiming to prevent their detachment from the growth of Web3.
Creator-Centric Vision and Royalty Assurance
Echoing this sentiment, Rarible co-founder Alex Salnikov expressed a belief in a “creator-centric ecosystem” within Web3, fostering an environment where artists can flourish.
Additionally, Salnikov also positioned RARI Chain as a means to safeguard creators’ earnings, while ensuring that royalties are more than a mere commitment but a guaranteed source of income.
Moreover, Rarible’s partners, including Arbitrum, LayerZero, WalletConnect, and others, are actively contributing support to RARI Chain.
Furthermore, Nina Rong, head of ecosystem development at the Arbitrum Foundation, commended this endeavor. She further highlighted the significance of royalty enforcement at the node level in fairly compensating creators for their contributions to the NFT space.
Read More:
Grayscale Readies Spot Bitcoin ETF, Enhances Trust Agreement for Operational Efficiency
Paxos Secures In-Principle Approval for Stablecoins and Digital Asset Services in Abu Dhabi