The NFT world is quickly growing and adjusting to new market needs, continuously evolving with fresh technologies and varied uses. However, this growth has highlighted some pressing issues, such as scalability challenges and fair compensation for creators. In response, the RARI Foundation has released the mainnet of RARI Chain, an Ethereum Layer 3 blockchain on Arbitrum, aiming to initiate a new NFT era.
The Need for a Scalable and Fair NFT Infrastructure
RARI Chain is specially crafted to tackle scalability issues in the NFT space. Its design features customizable rules and independent governance mechanisms, creating a platform that meets the unique scaling needs of NFTs. The RARI Foundation has developed RARI Chain using Caldera and an Orbit chain, integrating the Arbitrum Nitro tech stack.
The RARI Chain is LIVE on mainnet 🚀 We can't wait to see which new ideas and projects will be built on the chain that embeds royalties at the node level. https://t.co/t0V87YsOcU
— RARI Foundation (@rarifoundation) January 24, 2024
Empowering Creators with Embedded Royalties
One of the major challenges faced by NFT creators in 2023 was the loss of royalties. Last year, as marketplaces tried out optional royalty models, creators missed out on huge potential earnings from their NFT collections.
Facing these challenges, RARI Chain is the embedding of royalty payments at the node level. This ensures that creators receive fair compensation for their work, as the system automatically distributes royalties at the time of sale. This feature is crucial for supporting and incentivizing creators to continue producing high-quality NFTs.
Speaking about the recent developments, Jana Bertram, Head of Strategy at RARI Foundation, expressed, “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.”
The RARI DAO will manage the governance of RARI Chain, with $RARI token holders actively participating in decision-making. This democratic approach gives the community a significant voice and facilitates quick, efficient updates to the network as necessary.
Supporting Innovation & Major Partners on RARI Chain
To further support innovation within the NFT ecosystem, RARI Chain plans to establish a grants fund for projects developing NFT applications. This fund will provide financial resources to promising projects, helping them bring their ideas to life. As well as this, the team is contemplating a Creator Fund to allocate part of the network’s proceeds to a sub-treasury for creator support.
Furthermore, the Mainnet launch is supported by major partners like Rarible, LayerZero, Celestia, and Thirdweb. Rarible aims to integrate this chain for easy asset transfers and purchases. Moreover, plans include a credit card payment option and gas-free transactions in the future.
Alex Salnikov, co-founder and Chief Strategy Officer at Rarible, emphasized the importance of royalties in the NFT space, “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.”
Finally, the success of any blockchain project relies on community adoption and participation, and RARI Chain has already shown impressive activity on its testnet. With 46,000 wallet addresses participating and 251,000 transactions executed, it is clear that there is a strong interest in RARI Chain and its potential.
RARI Chain supports creators by embedding royalty payments directly at the node level. This mechanism guarantees that creators receive fair compensation automatically at the time of each sale, ensuring their creative efforts are monetarily recognized.
RARI Chain is an Ethereum Layer 3 (EVM L3) blockchain on Arbitrum, specially created to enhance the scalability of the NFT ecosystem. It’s designed to support the growing needs and complexities of NFT transactions and applications.
RARI Chain is powered by technology from Arbitrum, particularly emphasizing the embedding of royalties at the sequencer level. This approach is aimed at empowering creators by ensuring they receive fair compensation for their work.
The governance of RARI Chain is managed by the RARI DAO. This governance includes active participation from holders of the $RARI token, allowing for a democratic and community-driven approach to decision-making and network updates.
