The rapid growth of the NFT space has exposed challenges like scalability issues and fair compensation for creators. In response, the RARI Foundation has launched the mainnet of RARI Chain, an Ethereum Layer 3 blockchain on Arbitrum, aiming to usher in a new era for NFTs.
RARI Chain addresses scalability issues with customizable rules and independent governance, offering a platform tailored to the scaling needs of NFTs. Developed using Caldera and an Orbit chain, it integrates the Arbitrum Nitro tech stack.
A significant challenge for NFT creators in 2023 was the loss of royalties. RARI Chain embeds royalty payments at the node level, ensuring fair compensation for creators as royalties are automatically distributed at the time of sale. This feature is crucial for incentivizing creators to continue producing high-quality NFTs.
Jana Bertram, Head of Strategy at RARI Foundation, stated, “The launch of RARI Chain mainnet turns our vision of creating an NFT-specific, creator-focused chain into a reality. We’re excited to provide the ground for innovation and new NFT use cases.”
RARI DAO will manage governance, with $RARI token holders actively participating. This democratic approach empowers the community and enables quick updates to the network. RARI Chain plans to establish a grants fund for NFT application projects and is considering a Creator Fund to support creators.
Major partners, including Rarible, LayerZero, Celestia, and Thirdweb, support the mainnet launch. Rarible aims to integrate the chain for asset transfers and purchases. Future plans include a credit card payment option and gas-free transactions.
Alex Salnikov, co-founder and Chief Strategy Officer at Rarible, highlighted the importance of royalties, stating, “RARI Chain makes it impossible to circumvent this value. We are proud to lead the way as we continue to stand with artists and creators at Rarible.”
The success of RARI Chain’s testnet, with 46,000 wallet addresses and 251,000 transactions, indicates strong interest and potential community adoption.