RARI Foundation Announces Testnet Launch of RARI Chain
The RARI Foundation has launched a testnet of the RARI Chain on Arbitrum, offering royalties to the creators at the node level. The non-fungible token (NFT) marketplace Rarible will utilize the RARI chain, similar to its competitor Blur, which recently launched its native chain, Blast.
A new trend has emerged in the NFT sector, as the marketplaces launch their native chains with the aim to support the NFT infrastructure better.
Why RARI Foundation Launched Its Native Chain
According to a press release shared with BeInCrypto, the RARI foundation has unveiled the testnet of the RARI chain. The press release mentions that it is an Ethereum Virtual Machine (EVM) equivalent blockchain on Arbitrum.
The screenshot below shows that NFT volume has been attempting a recovery since September 2023. However, the RARI Foundation believes that there is a problem with royalty payment for creators. Hence, it claims to solve the challenge by embedding royalties on the node level through the RARI chain.
Read more: 6 Best NFT Marketplaces You Should Know in 2023
The NFT marketplace Rarible will be one of the first adopters of the RARI chain. Alex Salnikov, Chief Strategy Officer and Co-Founder of Rarible, said:
“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.”
Rarible is not the only NFT marketplace that will adopt a native chain. On Nov. 21, BeInCrypto reported that Pacman, the founder of NFT marketplace Blur, launched a Layer 2 solution, Blast, on Ethereum.
Within hours of Blast’s announcement, its total value locked skyrocketed to over $60 million in anticipation of an airdrop. Moreover, Blast has raised $20 million from notable investors such as Paradigm, Standard Crypto, eGirl Capital, and Andrew Kang.
Read more: Rarible Review: Everything You Need To Know About the NFT Marketplace
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