RARI Chain aims to empower NFT creators and is the latest entrant to the Arbitrum ecosystem.
RARI Foundation, the entity behind NFT marketplace Rarible, has unveiled RARI Chain, an Ethereum-compatible blockchain that will enforce on-chain NFT royalties.
This feature is made possible by royalties being embedded at the node level. Creators can set fees for a collection or for individual NFTs, guaranteed to be collected from every transaction. RARI is up 22% in the past week.
RARI Chain leverages Orbit, a custom blockchain solution from Arbitrum, the leading Layer 2. This enables the platform to offer extremely low fees and fast transactions. The team claims the network can process 200 to 500 transactions per second (TPS).
Users can pay fees in ETH, USDC, or US dollars using a credit card.
Rarible and Rarible X will be the first platforms to integrate with RARI Chain, which will be governed by RARI tokenholders and the RARI DAO.
The RARI Foundation has collaborated with various projects to bring new features to the protocol. LayerZero allows NFT collections to be transferred between chains; Gelato powers Gasless NFT mints; Thirdweb enables account abstraction; Magic & Thirdweb bring on-chain fiat payments; and WalletConnect provides dApp connectivity.
The move comes amid a growing trend of significant crypto projects deploying customized blockchains to suit their needs best.
Last week, Blur, the leading NFT marketplace by volume, announced the launch of its Layer-2 blockchain Blast, which has attracted over $600M of deposits in under two weeks.
On Nov. 28, perpetuals exchange dYdX kicked off an incentives program for its Cosmos-based dYdX Chain.
NFT royalties have long been a point of contention in the NFT space, with most major marketplaces opting to make them optional as trading volumes plummeted amid the bear market.
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Creators who rely on royalties to make a living might well be drawn to the RARI Chain with the prospect of guaranteed enforcement.
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