Business News Report
January 24, 2024

RARI Foundation Debuts RARI Chain Mainnet on Arbitrum Fostering NFT Creator Economy

RARI Foundation Debuts RARI Chain Mainnet on Arbitrum Fostering NFT Creator Economy

The RARI Foundation, a non-profit organization working towards advancing decentralized NFT infrastructure, officially announced the mainnet debut of RARI Chain – an Ethereum Layer 3 (EVM L3) blockchain designed to address scalability challenges in the NFT ecosystem.

RARI Chain utilizes technology powered by Arbitrum, specifically embedding royalties on the sequencer level. This innovative approach aims to empower creators by ensuring fair compensation for their creative work.

“The enforcement of royalties on the sequencer level is a novel idea. To our knowledge, no other chain has done that, as royalty enforcement would typically be handled on an app or smart contract level. Embedding the mechanism on the node level makes this design burn to the DNA of the chain and truly immutable,” Jana Bertram, head of strategy at RARI Foundation told Metaverse Post.

To celebrate the mainnet launch, a series of open edition collection drops featuring ten digital artists is being offered. This includes artists such as Alien Queen, Amber Vittoria, and Techkeyz.

RARI’s Bertram said that they sourced the cohort from different sources. First was an open call with HUG, a creator collective where anyone was able to submit their art to be one of the first RARI chain creators, and then the community voted on these submissions.

“RARI Foundation reviewed the shortlist with curators Aniko and Justin, who sourced more creators as well to complement those from the HUG call to have a cohort of diverse artists, in terms of artistic inspiration and craft forms, but also backgrounds, geographies, and stages of career,” she added.

Further to this, the RARI Chain is built using technologies called Caldera and Orbit Chain by the RARI Foundation. These, along with Arbitrum Nitro tech, aim to make the NFT ecosystem scalable, with flexible rules and independent governance, ensuring that creators receive fair compensation for their contributions.

RARI Chain’s NFT Governance and Royalties

As per the announcement, the governance will be overseen by the RARI DAO, with active involvement from $RARI token holders. The platform offers low transaction costs, ultra-fast block finality and a secure environment, making it a strong platform for onboarding mass NFT projects and users.

The chain’s successful mainnet launch is attributed to collaborations with partners, including Rarible, LayerZero, Celestia, Decent, Thirdweb, WalletConnect, Rainbow, Zerion, Magic, SimpleHash, Gelato, Caldera and Arbitrum.

Commenting on the roles of these partners, RARI Foundation’s Jana Bertram shared each of these partners powers different tooling, but ultimately it all boils down to us creating an environment where developers, projects, and brands find what is needed to build smoother user experiences.

“For these, we’re ensuring to have fiat onramp, credit card checks out, gasless mint, and account abstraction, to name a few. Partners like Celestia allow us to tap the benefits of alternative DA, reducing operational costs of running the chain and being responsible with our costs to the RARI DAO and community,” she added.

Rarible.com plans to connect assets to the RARI Chain on its marketplace, making purchases easy.

As part of integrating the RARI chain, Rarible has embraced this need to enable users to transfer funds between chains and have the option to onramp or check out with a credit card. In-app bridging is the first step Rarible.com takes to improve the UX, while the other items are soon to follow.

After the mainnet launch, RARI Chain is working towards the establishment of a grants fund to empower projects building NFT applications. Additionally, a Creator Fund is in the pipeline, allocating a percentage of the chain’s proceeds to a sub-treasury designed for creators.

According to the team, the testnet numbers have seen a substantial increase, with 46,000 wallet addresses participating and 251,000 total transactions performed.

“The Creator fund will be fully governed by the RARI DAO, so the selection or allocation process will be determined by the community in which we hope RARI chain creators will participate. In this way, they will be able to shape and decide on initiatives that receive DAO funding,” RARI Foundation’s Jana Bertram told Metaverse Post. “The Grants fund will, on the other hand, be directed to RARI chain builders and projects adopting the chain and helping the chain grow usage and, as such benefiting the DAO.”

With RARI Chain now live on mainnet, developers can leverage the Rarible protocol to create decentralized NFT applications. Global artists will soon be able to launch their NFT collections through Rarible on RARI Chain as well.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.

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Kumar Gandharv
Kumar Gandharv

Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.

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