RARIBEL RARI Foundation Taps Arbiter on Royalty-Embedded EVM Chain

The RARI Foundation, the non-profit arm of the Rarible ecosystem, has officially launched the “RARI Chain,” an EVM-compatible blockchain testnet with royalty payments embedded in its nodes.

In an announcement to Cointelegraph, the RARI Foundation said RARI Chain will be a non-fungible token (NFT) infrastructure solution built on Arbitrum. With royalties included in the nod, the RARI Foundation says creators will have the tools they need to succeed in their endeavors.

The move follows a recent spike in trading volume at Rabble after demonstrating the NFT marketplace's commitment to royalties. In the year On August 23, 24-hour trading volume on Rarible jumped nearly 585% after adding royalties and royalty enforcement to its aggregated data to remove unsupported marketplaces.

1/ Following @rarible's decision to protect creator royalties and remove both @opensea and @blur_io from their integration data, Rarible's transaction volume has increased by 637% in the last 24 hours.

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Jana Bertram, head of strategy at the RARI Foundation, said in a statement that innovators are the driving force behind the expansion of NFTs. Bertram explained:

“To ensure a sustainable economy, it's important to provide the tools and environments that contribute to their success. Our commitment is to keep creators out of touch with the growth of Web 3.”

Meanwhile, Rarible co-founder Alex Salnikov believes Web3 should be a “creator-centric ecosystem” that allows artists to thrive. Salnikov says the RARI chain is a move to protect creators' income. “By enforcing cross-platform royalties, we're making sure that creator royalties are more than guaranteed,” he said.

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According to the announcement, their partners Arbitrum, LayerZero, WalletConnect and many others actively support the new chain. Nina Rong, head of ecosystem development at the Arbitrum Foundation, commented on the new development, saying that the creators deserve a “right reward” for their efforts. In order to achieve this, the executive emphasized that the implementation of royalty at the crossroads is an important step.

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